A Federal High Court in Abuja on Friday granted bail in the sum of N100m to Shamsudeen Bala Mohammed, the son of former Minister of the Federal Capital Territory, Mr. Bala Mohammed Bala.
The defendant was remanded in Kuje prison on Wednesday on 15 counts of N1.1 billion money laundering offences and has been asked by the court to provide two sureties to enter into N50 million bail bond each among other bail conditions.
The judge in charge of the case, Justice Nnamdi Dimgba ruled that the defendant, who was produced in court handcuffed by prison officials on Friday, should remain in custody pending when he would meet the bail conditions.
Shamsudeen Bala Mohammed is being prosecuted by the Economic and Financial Crimes Commission for allegedly paying millions of naira on different occasions amounting to about N1.1 billion for the purchase of houses without going through financial institutions.
The act was said to be in breach of Money Laundering (Prohibition) Act.
Justice Dimgba on Friday ordered an accelerated hearing in the case and fixed March 27 and 28 for commencement of trial.