The Economic and Financial Crimes Commission (EFCC), on Friday, July 15 charged the Managing Director, Almond Properties Ltd., Olugbenga Obadina for money laundering.

Obadina was arraigned at the Federal High Court, Abuja on an eight-count charge.

According to the EFCC, Obadina received N2.4 billion from the former National Adviser, retired Col. Sambo Dasuki for electricity contracts that were never executed.

While urging the court not to grant the accused bail, the prosecuting counsel, Peters Aso said the proof of evidence showed he was not entitled to bail.

“The defendant received N2.4 billion out of which $2.6 million has been taken abroad and his passport is still in his custody.”

“And so, if granted bail, he is a flight risk because he will jet off to enjoy that money already abroad,’’ Aso said.

The prosecutor said that although they had recovered N70 million from the defendant, he was frustrating the investigation.

He urged the court to disregard the exhibits attached to the defendant’s bail application, saying they were public documents and only certified true copies would be accepted by the court.

Defence counsel Chris Uche (SAN) notified the court that the defendant had been in EFCC’s custody for over one month even though he had been granted administrative bail.

Uche urged the court to grant his client bail, saying the charge preferred against him was one in which bail could be granted.

The judge, Justice Nnamdi Dimgba adjourned ruling on the bail application till July 18 and ordered the remand of the defendant in Kuje prison.