The Federal High Court sitting in Abuja has grated a N500m bail to Chukwunyere Anamekwe Nwabuoku, a former Accountant-General of the Federation (AGF) over an alleged N1.96bn fraud.
Justice James Omotosho, in his ruling on Wednesday, granted him bail with two sureties in like sum.
The Economic and Financial Crimes Commission (EFCC), on Wednesday, re-arraigned Nwabuoku on an amended nine-count charge of money laundering and abuse of office.
The suit marked FHC/ABJ/CR/240/2024, dated and filed on November 27, 2024, named Nnabuoku as the sole defendant.
The EFCC alleged that Nnabuoku, alongside four other companies, Temero Synergy Concept Limited, Turge Global Investment Limited, LAPTEV Bridge Limited, Arafura Transnational Afro Limited and other persons (all at large), between September 2019 and October 2020, conspired to convert funds that are proceeds of unlawful activities, thereby committing an offence contrary to Section 18 of the Money Laundering Prohibition Act 2011 as amended by Act No. 1 of 2012 and punishable under Section 15(3) of the same Act.
According to the anti-graft agency, the companies were used by Nnabuoku to launder N1,964,743,584.73bn, which was either saved or further used to purchase properties within Abuja.
Some of the counts read, “That you CHUKWUNYERE ANAMEKWE NNABUOKU on or about the 24th of September, 2020, in Abuja within the jurisdiction of this Honourable Court indirectly used the sum of N64m out of the total sum of N355m paid into the Zenith Bank Ple account of M Davi Company Enterprises on your behalf to purchase property known as No. 20 City Gate Estate Kukwaba, Abuja, knowing that the funds constituted proceeds of unlawful activity and you thereby committed an offence contrary to Section 15(2)(d) and punishable under Section 15(3) of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012).
“That you CHUKWUNYERE ANAMEKWE NNABUOKU between December 2019 and October 2020 in Abuja within the jurisdiction of this Honourable Court indirectly used the aggregate sum of N160m out of the total sum of N355m paid into the Zenith Bank Plc account of M Davi Company Enterprises on your behalf for the purchase of securities through Quantum Zenith Securities and Investment Ltd for the purchase of shares, knowing that the funds constituted proceed of unlawful activity and you thereby committed an offence contrary to section 15(2)(d) and punishable under section 153) of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012)
“That you CHUKWUNYERE ANAMEKWE NNABUOKU between July 2018 and May 2023 in Abuja within the jurisdiction of this Honourable Court indirectly converted into securities the aggregate sum of N513m deposited into your account with Quantum Zenith Securities and Investment Ltd, knowing that the funds constituted proceeds of unlawful activities and you thereby committed an offence contrary to Section 15(2)(b) and punishable under Section 15(3) of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012),” the charges read.
At Wednesday’s proceedings, counsel for the EFCC, Martha Babatunde, moved an application to withdraw the former charges against him, filed on May 27, 2024, to enable them to read the amended charge to him.
The defence counsel, Isidore Udenko, did not oppose the motion and Justice Omotosho proceeded to strike it out and ordered that the amended charge be dead to the defendant.
When the charges were read to him, he pleaded not guilty to all nine counts.
Following his plea, Udenko moved a motion for bail filed on November 29, 2024, assuring the court that his client would be present during his hearing.
Babatunde, representing the EFCC, made an oral application, urging the court to refuse the bail application considering the weighty evidence against the defendant.
In a short ruling, Justice Omotosho granted Nwabuoku N500m bail with two sureties who must own properties within the court’s jurisdiction worth at least N250m.
In addition, the sureties are to provide an affidavit of means, their bank statement, and tax clearance, depositing the same to the court registry for verification.
Justice Omotosho ordered that the defendant be remanded at the Kuje Correctional Facility, pending the perfection of his bail conditions.
He therefore adjourned till January 31 for the commencement of trial.
