Alleged ₦33 Billion Money Laundering: Court Grants Former Minister Of Power ₦10 Billion Bail

Justice James Omotosho of the Federal High Court Abuja has granted the former minister of power, Saleh Mamman, bail to the tune of ₦10bn and two sureties in like sum.

Mamman was arraigned on 12 counts bordering on conspiracy to commit money laundering and possession and use of known proceeds of criminal conduct.

While ruling on a bail application by the defendant, Justice  Omotosho held that the sureties must own properties in Abuja with a minimum value rate of ₦750 million.

The court also held that sureties must submit certified land documents to the court with a three-year tax levy.

It ruled that the defendants shall submit bank statements and international passports to the court.

In the alternative, the court held that the defendant can produce a bank guarantee of the said amount and that if that is provided no surety is needed.

The court subsequently adjourned the case to September 25, 2024, for the commencement of the trial.

The development comes after Justice Omotosho on Thursday, ordered that  Mamman be remanded in Kuje prison in Abuja pending the consideration of his bail application.

Justice Omotosho issued the order after Mamman was arraigned on a 12-count charge bordering on money laundering offences brought against him by the Economic and Financial Crimes Commission (EFCC).

In the amended charge, the ex-minister is alleged to have laundered over N33 billion and acquired properties through proxies.

He pleaded not guilty to the charges when it was read to him.