Saturday, July 02, 2016

N2.9bn Fraud: Adamawa Ex-gov, Fintiri gets N500m Bail
By John Chuks Azu
Nigeria Daily Trust
Jul 2 2016 5:00AM

A Federal High Court in the Federal Capital Territory has granted bail to a former acting Governor of Adamawa State, Ahmadu Umar Fintiri who is facing charges of alleged money laundering valued at N2.9 billion.

Justice Ahmed Mohammed ordered Fintiri to post a bail bond of N500 million and two sureties in like sum, adding that the two sureties must be property owners in Abuja and must deposit their title documents with the deputy court registrar.

The sureties must also present two recent passport photographs each, while the defendant must also deposit his international passport.

Justice Mohammed said the defendant cannot travel out of the country unless with the court’s approval.

The Economic and Financial Crimes Commission (EFCC) filed a five-count charge against Fintiri, who was one-time speaker of the state assembly and Mayim Construction and Properties Ltd.

The defendants are accused of using public funds to acquire a tea plantation from Nigeria Agricultural Bank in Taraba State, which they disguised as loans from Ecobank in October 2014.

The judge overruled the objection of prosecution counsel, Larry Peters Aso, on the grounds that it was filed belatedly since the defendant was already enjoying EFCC administrative bail since June 15, and adjourned the case to October 6 for hearing.

The Lagos State government started the total enforcement of its laws against all forms of street trading yesterday, warning that buyers and sellers risk six months jail term. However, an application of both the jail term and a fine of N90, 000 can be effected on offenders.

Governor Akinwunmi Ambode, who made this known in television interview, said the law banning street trading will take its full course.

The governor said that the renewed enforcement was in line with Section 1 of the Lagos State Street Trading and Illegal Market Prohibition Law 2003 which restricts street trading and hawking in the metropolis.


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