Justice Nnamdi Dimgba of the Federal High Court sitting in Maitama, Abuja, on Monday granted bail to Olugbenga Obadina, Managing Director, Almond Projects Limited, who allegedly collected money to the tune of N2.4 billion from the Office of the National Security Adviser (ONSA) under Col. Sambo Dasuki (rtd.) purportedly for a phony contract.

He was arraigned on Friday July 15, 2016 by the Economic and Financial Crimes Commission (EFCC) alongside his company, Almond Projects Limited on an eight-count charge for allegedly collecting a sum of N2,417,000,000.00 paid into his company’s account in tranches, between 2013 and 2015 from the account of the ONSA under Col. Sambo Dasuki (rtd) without contract award.

The offence is contrary to Section 15(2), (d) of the Money Laundering (Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) of the same Act.

Ruling on his bail application, Justice Dimgba admitted the defendant (Obadina) to bail in the sum of N500 million which will be forfeited to the Federal Government in the event he absconds. The defendant must also provide two sureties in the sum of N250 million each and must enter a bail bond with the court. The sureties can be a private businessman, professional or civil servant of the rank of a director. The sureties must have landed properties either in Asokoro, Maitama, Apo Legislative quarters, Wuse II area of Abuja, or Victoria Island, Lagos State. The sureties are to provide evidence of income tax payment for three years.

Additionally, the defendant must deposit his international passports with the registrar of the court, and must go to the EFCC to comply with Section 15 of the Administration of Criminal Justice Act, which entails submitting himself for biodata collection, fingerprinting, snapshot and necessary profiling.

Meanwhile, the defendant is to be remanded in prison custody pending satisfaction of his bail conditions.

The matter has been adjourned to September 30 and October 4, 2016 for trial.

•Photo shows Olugbenga Obadina.