The former Governor of Imo State , Mr. Ikedi Ohakim, who is answering to a 3- count money laundering charge has been granted bail by Justice Ademola Adeniyi of the Federal High Court sitting in Abuja in the sum of N270million equal to the N270million fraud he was being charged for.
Ohakim was arraigned before the high court Wednesday by the Economic and Financial Crimes Commission (EFCC) over allegations bothering on money laundering, abuse of office and misappropriation of public funds.
He was alleged to have looted the sum of $2.29m from the Imo state treasury while he was governor and used same to acquire a mansion at the Asokoro District of Abuja.
In a ruling on Thursday afternoon, Justice Adeniyi released him on bail on the condition that he must produce a surety who must deposit the sum of N270m.
According to the court, the surety must be an owner of a landed property within the jurisdiction of the high court and must tender the title deed of such property to the Deputy Chief Registrar, DCR, of the court for verification.
In the alternative, Justice Adeniyi held that such surety could depose to an affidavit of means before the DCR of the court in charge of litigation.
Ohakim was as well ordered to surrender his international passport to the court, pending the hearing and determination of the charge against him.