Justice Mohammed Idris of a Federal High Court in Lagos Wednesday remanded Senator Perter Nwaoboshi in Ikoyi prisons custody pending the hearing of his bail application. Peter Nwaoboshi Earlier the Economic and Financial Crimes Commission, EFCC had arraigned Senator Peter Nwaoboshi representing Delta-North before a Federal High Court sitting in Lagos, over alleged fraud and money laundering. Nwaoboshi who lwas arraigned alongside with his two companies -Golden Touch Construction Projects Ltd, and Summing Electricals Ltd, on a two count charge bordering on fraud and money laundering before Justice Mohammed Idris. The EFCC prosecutor, Mr. M. Salisu Abubakar, said that the senator purchased Guinea House, Marine Road, Apapa, at the sum of N805million, knowing that the sum of N322million out of the purchase price forms proceeds of fraud. The commission said that the defendant committed the alleged offences between May 14 and June 2014, adding that the sum of N322million, out of the purchase price transferred to the vendors by order of Suiming Electricals Ltd, formed part of an unlawful act. According to the Anti-Graft Agency, the offences committed is contrary to Sections 15 (2) (d) and 18 (a), of the money laundering (prohibition) Act, 2011 (As amended) and punishable under sections 15 (3) of the same act.
However the 60 year old senator, who is also a lawyer, pleaded not guilty to the two count charge preferred against him.
The counsel, to the senator Mrs Veleria Azingwe SAN, O. K Nmakwe, for second defendant and urged the court to grant him bail on self recognition or on the alternative on libra term, as the senator is a serving senator, who has to attend all the Senate proceedings, adding that if he fails to attend the proceedings, the Senate might declare his sit vacant.
Justice Idris had stood down ruling on his bail application till 11am, but at the resumed hearing of the ruling, the Judge adjourned till April 27, for ruling.