A Federal High Court in Lagos on Wednesday, granted bail in the sum of N10 million to Nigerian businessman, Pascal Okechukwu a.k.a Cubana Chief Priest charged with alleged Naira abuse.
The Economic and Financial Crimes Commission (EFCC) arraigned the defendant on a three-count charge of allegedly spraying and tampering with the Naira notes during a social event at Eko Hotel in Lagos.
When the case was called on Wednesday, Mrs Bilikisu Buhari appeared for the prosecution while Mr Chikaosolu Ojukwu (SAN) announced appearance for the defendant .
The defence counsel then first informed the court of a preliminary objection challenging the courts jurisdiction as well as a bail application files on behalf of the defendant.
He informed the court that the prosecution was not opposed to same.
After the charge was read to the defendant, he pleaded not guilty to the charge.
In moving the bail application of the defendant, counsel urged the court to grant him bail on liberal terms .
He told the court that the defendant was admitted by the prosecution following his health condition, adding that due to his weight, the defendabt suffers palpitation
Besides, he told the court that the offence with which the defendant is charged is a misdeamenour and that the prescribed punishment ranges from a fine of N50,000 or an imprisonment term of six months.
He urged the court to grant bail on very liberal terms to the defendant as he is a first offender with no past criminal records .
Counsel also informed the court that the defendant is an employer of labour with over 1000 employees on his payroll, who are dependent on their jobs.
He, consequently, urged the court to grant his application as moved
In response, the prosecutor said she will leave the issue of bail to the discretion of the court.
Delivering judgment afterwards, Justice Kehinde Ogundare granted the defendant bail in the sum of 10 million with two sureties in like sum
The court held that both sureties must be civil servants of level 16, adding that one of the surety must be the owner of a landed property within jurisdiction.
The court also ordered thee defendant to submit his international passport to the court’s registry, and that the condition of bail be perfected within seven days .
The court ordered the defence counsel to produce the defendant for perfection of his bail conditions within stipulated time. otherwise, the defendant will be sent to the custody of Nigerian correctional service.
Meanwhile, the court adjiourned the case until May 2, for hearing of the preliminary objection.
In the charge, the defendant was said to have tampered with the funds in the denomination of N500, while dancing at the social event in Eko hotel.
The offence contravenes the provisions of section 21(1) of the Central Bank Act of 2007.
