 A Federal High Court in Lagos on Wednesday, granted bail in the sum of N10 million to Nigerian businessman, Pascal Okechukwu also known as Cubana Chief Priest charged with alleged Naira Abuse.
The Economic and Financial Crimes Commission, EFCC, arraigned the defendant on a three-count charge of allegedly spraying and tampering with the Naira notes during a social event at Eko hotel in Lagos.
When the case was called on Wednesday, Mrs. Bilikisu Buhari appeared for the prosecution, while Mr. Chikaosolu Ojukwu, SAN, announced his appearance for the defendant.
The defense counsel then first informed the court of a preliminary objection challenging the court’s jurisdiction as well as bail application files on behalf of the defendant.
He informed the court that the prosecution was not opposed to the same. After the charge was read to the defendant, he pleaded not guilty to the charge.
In moving the bail application of the defendant, counsel urged the court to grant him bail on liberal terms.
He told the court that the defendant was admitted by the prosecution following his health condition, adding that due to his weight, the defendant suffers palpitations.
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Besides, he told the court that the offense with which the defendant is charged is a misdemeanor and that the prescribed punishment ranges from a fine of N50,000 to an imprisonment term of six months. He urged the court to grant bail on very liberal terms to the defendant, as he is a first-time offender with no past criminal records.
Counsel also informed the court that the defendant is an employer of labor with over 1000 employees on his payroll who are dependent on their jobs.
He, consequently, urged the court to grant his application as moved.
In response, the prosecutor said she would leave the issue of bail to the discretion of the court.
Delivering judgment afterwards, Justice Kehinde Ogundare granted the defendant bail in the sum of $10 million with two sureties in the same sum.
The court held that both sureties must be civil servants of level 16, adding that one of the sureties must be the owner of a landed property within jurisdiction.
The court also ordered the defendant to submit his international passport to the court’s registry and that the condition of bail be perfected within seven days.
The court ordered the defense counsel to produce the defendant for perfection of his bail conditions within the stipulated time. Otherwise, the defendant will be sent to the custody of the Nigerian correctional service.
Meanwhile, the court adjourned the case until May 2 for a hearing of the preliminary objection.
In the charge, the defendant was said to have tampered with the funds in the denomination of N500 while dancing at the social event in the Eko hotel.
The offense contravenes the provisions of Section 21(1) of the Central Bank Act of 2007.
Credible News recalls that the EFCC on April 5 secured the conviction of popular cross-dresser Idris Okuneye, alias Bobrisky, on similar charges for which he was sentenced to six-month imprisonment.
