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The presiding judge, Justice Morenike Obadina in her ruling on the bail application granted the defendant bail of N5 million with two sureties each in like sum. She said that one of the sureties must be a blood relation, having landed property and must be resident in Lagos. Also, the second surety will be a Lagos civil servant who must not be less than Assistant Director. Daily Champion recalls that the defendants were arraigned on October 13, 2009 before the court on a 10-count charge of alleged conspiracy, fraud and stealing brought to it by the Economic and Financial Crimes Commission (EFCC), an allegation to which they had pleaded not guilty and were remanded at Ikoyi Prison pending the hearing of their bail application. "Ebi Odeigah, Alexander Nkenchor and GMT Securities and Assets Nig. Ltd had on July 31, 2008 at Lagos within the Ikeja Judicial Division with intent to defraud, stole the sum of N450, 000, 000 (four hundred and fifty million naira) being the proceeds of Bankers' draft No. 00092785 of 22/7/08 property of Union Bank of Nigeria Plc, Golden Plaza, Falomo branch Lagos, through account number 7831020012420 operated and maintained by GMT Securities and Assets Nigeria Limited with Union Bank of Nigeria Plc Golden Plaza Branch," one of the charges reads The second defendant, Mr. Nkenchor through his counsel, Mr. Chuks Nwodu in his submission for bail had urged the court to grant his client bail on a very liberal condition. Nwodu also urged the court to admit his client to bail pending the trial of the case. Also in his 24-paragraph affidavit disposed to by his wife and supported with a seven-paragraph affidavit of urgency said his client has a serious pile. Mr. Odeigah through his counsel, Mr. Chris Dike urged the court to grant his client bail on liberal condition considering his client's state of health noting that opposing the bail will be against the cause of justice. Reacting, counsel to EFCC, Mr. Ben Ubi in his 13 and 16 paragraph counter-affidavit opposed the bail application on the grounds that there was no medical report to show the state of health of the defendants. Ubi also said that based on their investigation, the defendants have a direct link to the alleged offence. He said the court should refuse the bail application, order accelerated hearing because they have all their witnesses ready and if the court will allow them, they are ready to conclude the case before the shortest period of time. He said that the availability of the defendants in court will make the case move fast. For full details for UBKFF click here.
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