A Federal High Court in Abuja on Monday ordered the remand of Olugbenga Obadina, Chairman and CEO of Almond Projects Limited, at Kuje Correctional Centre over an alleged N2.17 billion fraud.
Justice James Omotosho gave the ruling after Obadina was re-arraigned by the Economic and Financial Crimes Commission (EFCC) on an eight-count charge of money laundering.
The EFCC alleged that Obadina, alongside Almond Projects Limited, received ₦648 million from the Office of the National Security Adviser (ONSA) without a valid contract.
The funds were allegedly linked to a diversion of $2.1 billion intended to combat Boko Haram insurgency under the administration of former President Goodluck Jonathan.
During the hearing, EFCC counsel Ibrahim Buba confirmed readiness to proceed, while defence counsel Saheed Sanusi, SAN, representing Obadina, and Adeola Adedipe, SAN, representing Almond Projects Limited, did not oppose the arraignment.
Obadina pleaded not guilty to all charges. The EFCC then requested his remand, but Sanusi argued that Obadina had been granted bail in 2016 with conditions set by Justice Nnamdi Dimgba of a sister court.
Justice Omotosho noted that the original bail conditions included ₦500 million and two sureties, both businessmen.
However, he expressed concern about Obadina’s initial absence in court and the withdrawal of one surety, Ruth Jumai Ango, who was present to formalise her withdrawal.
After deliberation, the court upheld the existing bail but imposed additional conditions, requiring Obadina and his sureties to submit verified bank statements. Pending compliance, Obadina was ordered to remain in custody.
The judge adjourned the trial to Feb. 18, 20, and 21, 2024.
The EFCC alleged that the funds received by Almond Projects Limited were proceeds of unlawful activities linked to retired Col. Sambo Dasuki, former National Security Adviser.
The alleged offence contravenes the Money Laundering (Prohibition) Act, 2011 (as amended) and is punishable under its provisions.
NAN recalls that Justice Nnamdi Dimgba, previously handling the case, had adjourned it for final written addresses before his elevation to the Court of Appeal.
