Justice James Kolawole Omotosho of the Federal High Court in Abuja has slammed a N10bn bail bond on the former Minister of Power, Saleh Mamman.
The bail bond must be endorsed by a reputable bank in Nigeria, while the ten billion naira would be forfeited to the federal government in case the defendant bolts away from trial.
The Judge issued the order on Friday while delivering a ruling in a bail application filed and argued by a Senior Advocate of Nigeria SAN, Femi Ate on behalf of the former minister.
In the alternative, the defendant is to produce two sureties in the sum of N10B each who must have properties worth the minimum of N750M within Abuja.
The properties must have registered titles that would be verified by the registrar of the court, along with evidence of three years of tax payments.
Besides, the former minister and his two sureties are to deposit their international travelling passport with the court and shall not travel out of the country without the approval of the court.
Justice Omotosho ordered that the former minister be taken to Kuje prison pending the time he would perfect the bail conditions.
The EFCC, on behalf of the federal government, filed a 12-count money laundering charge against the Mamman and was arraigned on Thursday, July 11 but pleaded not guilty to the charges.
Mamman was arraigned on 12 counts bordering on conspiracy to commit money laundering and possession and use of known proceeds of criminal conduct.
