An FCT High Court in Apo has granted bail in the sum of N10 million to two men charged with money laundering to the tune of N9.4 million.
The Economic and Financial Crimes Commission (EFCC) arraigned the duo of Abdullahi Adebayo Gold and Danazumi Abdulwaheed Ayinde before Justice S.C. Oriji on a 10-count charge bordering on alleged conspiracy, criminal breach of trust and money laundering.
The money, said to be a contract sum awarded by the Federal Ministry of Women Affairs and Social Development in 2011 to Goldsworth Engineering Service Ltd, was allegedly converted to personal use by the defendants.
The offence is said to be contrary to Section 311 of the Penal Code Law and punishable under Section 312 of the same law.
The defendants, however, pleaded not guilty to the charges.
Upon their plea and an application for bail, Justice Oriji granted the defendants bail in the sum of N10 million with two sureties in like sum.
He said the sureties must be residents of the Federal Capital Territory, adding that one of them should be a civil servant on grade level 14.
The matter was adjourned to December 12 for trial.
