N5b ‘fraud’: Accused begs for liberal bail term



A former Director of Pensions in the Office of the Head of Civil Service of the Federation (HCSF), Dr Sani Teidi Shuaibu, who is on trial for alleged fraud, yesterday begged a Federal High Court in Abuja to be liberal on the conditions attached to the bail granted him.

Justice Ademola Adeniyi, on July 12, granted bail to Shuaibu and his co-accused, Udusegbe Omoefe Eric, a former manager with the defunct Oceanic Bank Plc, with N500 million with two sureties each in like sum.

The judge ordered that the sureties must own landed property within the jurisdiction of the court, with title deeds deposited with the Deputy Chief Registrar of the court.

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The accused were required to deposit their travel documents with the court’s registrar and seek the court’s permission to travel abroad.

They were arraigned on June 7 by the Economic and Financial Crimes Commission (EFCC) on a 22-count criminal charge of conspiracy, fraud, breach of public trust and obtaining by false pretence.

They were said to have used nine companies to siphon pension funds amounting to over N5 billion.

The defence lawyers – Sunday Ameh (SAN) and Adewale Adegoke – yesterday moved separate applications seeking the variation of the conditions and terms attached to the bail granted the accused.

They prayed the court to reduce the number of sureties for each of the accused from two to one.

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But while Ameh sought the reduction of the amount from N500 million to N100 million, Adegoke, who represented Uduesegbe, sought the reduction to his client’s bail to N10 million.

Justice Adeniyi adjourned till November 28 for ruling and continuation of the trial.







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