A Federal high court sitting in Lagos today admitted to bail the senator representing Delta North senatorial district Peter Nwaobosi standing trial before the court on money laundering charges.
The presiding judge Mohammed Idris granted him bail on self recognizance been a serving senator of the Federal Republic of Nigeria, however he was ordered to produce two sureties with bond of N50million each within 72 hours while he must also deposit his international passport with the court, justice Idris ordered further that the accused senator should not travel out of the country during the pendency of this case without the permission of the court. Thereafter justice Idris adjourned till. 13th of June 2018 for trial to commence.
Last Monday Peter Nwaobosi was arranged before the court by
Economic and financial crimes commission EFCC  on two count charge of laundering N805million.
Arraigned alongside the senator are two limited liability companies,Golden touch construction Project Limited and Suiming Electrical Limited.
In a two count criminal charge number FHC/L/117C/18 signed by EFCC legal officer Offem Uket, it was stated thus :That you Peter Nwaoboshi and Golden Touch construction Project Limited between May and June 2014 within the jurisdiction of the honourable court did acquire a property described as Guinea house Marina Road, Apapa for the sum of N805million when you reasonably ought to have known that the sum of N322million out of the purchase price transferred to the vendor by order of suiming Electrical Limited formed part of the proceeds of unlawful act to wit fraud contrary to section 15(2)(d) of the money laundering Act 2011 and punishable under section 15(3)of the same Act.
Second count :That you Suiming Electrical Limited on or about 14th May 2014 aided Peter Nwaobosi and Golden Touch construction Project Limited to commit money laundering contrary to section 18(a) of the money laundering prohibition Act 2011 and punishable under section 15(3)read in conjunction with section 15(2)(d)of the same act
Peter Nwaoboshi and the companies pleaded not guilty to the charge thereafter his lawyer Valerie-Janet Azinge SAN urged the court to grant him bail on self recognizance or in the alternative admit him to bail on liberal term because of his health challenges,
However, the EFCC prosecutor Salisu Abubakar, while opposing the bail of the accused senator urged the court to deny him bail because there as still several other charges against him though the court still has the discretion to grant him bail or not.
The presiding judge, Mohammed Idris, after listening to the argument canvassed by the two parties reserved ruling till today.