Breaking news: Alleged $2.3m fraud: Ohakim secures N270m bail

ABUJA – Justice Ademola Adeniyi of the Federal High Court sitting in Abuja has granted bail to the former Governor of Imo State‎ , Mr. Ikedi Ohakim who is answering to a 3- count money laundering charge, to the tune of N270million.

‎Ohakim was arraigned before the high court Thursday by the Economic and Financial Crimes Commission, EFCC, over allegations bothering on money laundering, abuse of office and misappropriation of public funds.

He was alleged to have looted the sum of $2.29m from the Imo state treasury while he was governor and used same to acquire a mansion at the Asokoro District of Abuja.

In a ruling this afternoon, Justice Adeniyi released him on bail on the condition that he must produce a surety who must deposit the sum of N270m.

According to the court, the surety must be an owner of a landed property within the jurisdiction of the high court and must tender the title deed of such property to the Deputy Chief Registrar, DCR, of the court for verification.

In the alternative, Justice Adeniyi held that such surety could depose to an affidavit of means before the ‎DCR of the court in charge of litigation.

More so, Ohakim was ordered to surrender his international passport to the court, ‎pending the hearing and determination of the charge against him.

Specifically, one of the charge against the former governor read: “That you, Ikedi Ohakim, on or about the month of November, 2008 in Abuja, within the jurisdiction of this Honourable Court made a cash payment of $2,290,000.00(Two Million, Two Hundred and Ninety Thousand Dollars) which was then an equivalent of about N270,000,000.00(Two Hundred and Seventy Million Naira) for the purchase of the property known and described as Plot No. 1098, Cadastral Zone A04, Asokoro District, also known as NO. 60 Kwame Nkrumah Street, Asokoro, Abuja, which amount exceeded the amount authorised for an individual by section 1 of the Money Laundering (prohibition) Act, 2004, and thereby committed an offence contrary to the said section and punishable by section 15(1)(d) of the Money Laundering (Prohibition) Act, 2004.