TheCable

Ahmed Mohammed, justice of the federal high court, on Friday granted Umaru Fintiri, former Adamawa state governor, bail in the sum of N500m, and two sureties in like sum.

According to the judge, the sureties must have property in Abuja, and Fintiri must submit his international passport to the registrar of the court.

The Economic and Financial Crimes Commission (EFCC) had arraigned Fintiri and Mayim Construction and Properties Limited before the judge on a five-count charge of money laundering to the tune of N2.9bn on Thursday.

He had spent a night a Kuje prison in Abuja.

Fintiri, a former speaker, who also served briefly as the acting governor of the state, allegedly laundered money through his naira and dollar accounts domiciled at Ecobank Plc, and made a large cash payment for the purchase of a piece of property at Plot no 7, Gana Street , Maitama, Abuja.

Count four of the charge reads: “That you, Ahmadu Umaru (Alias Rt. Hon. Ahmadu Umaru Fintiri) and Mayim Construction and Properties Limited on or about the 9th October 2014 in Abuja within the jurisdiction of this Honourable Court did indirectly disguise the origin of the aggregate sum of N550,000,000 (Five Hundred and Fifty Million naira) through a term loan of twelve months purportedly granted to you by Ecobank Plc for the acquisition of a tea plantation farm from Nigeria Agricultural Bank in Taraba State which loan you repaid within three months as acting Governor of Adamawa State from sum which you know form part of proceeds of unlawful act to wit: corruption and thereby committed an offence contrary to Section 15(2)(a) of the Money laundering (Prohibition) Act, 2011 as amended in 2012 and punishable under Section 15(3) and (4) of the same Act.”

Upon the reading of the charges, the first defendant, Fintiri pleaded not guilty, while a plea of “not guilty” was also entered for Mayim Construction and Properties Limited, pursuant to the provisions of Section 478 of the Administration of Criminal Justice Act.