The Federal High Court, Maitama Abuja, on Friday granted Shamsudeen Bala, son of former FCT Minister, Mr Bala Mohammed, bail in the sum of N100 million.
The defendant who was on Wednesday remanded in Kuje Prison after he was arraigned on 15 counts of N1.1bn money laundering offenses, is to, among other bail conditions, provide two sureties to enter into N50m bail bond each.
The presiding judge, Justice Nnamdi Dimgba, also ordered Bala to deposit his international passport with the court and must not travel without the permission of the court. The judge further ordered that the defendant should remain in prison custody until he perfects his bail condition.
Bala, alongside four other companies, was arraigned on Feb. 1 by the Economic and Financial Crimes Commission (EFCC), on a 15-count of N1.1bn money laundering offence.
EFCC alleged that the ex-Minister’s son paid millions of naira on different occasions totaling about N1.1bn for the purchase of houses without going through financial institutions.
According to the anti-graft agency, the act contravenes the Money Laundering (Prohibition) Act.