A Federal High Court in Abuja on Wednesday granted bail to Mrs. Isabella Oshodin, who was arraigned on Monday for on money laundering charges for allegedly receiving N22, 964,228,414 from former National Security Adviser (NSA), Mohammed Dasuki.
In a ruling, Justice Taiwo Taiwo granted her bail for N250million, with two sureties in like sum, one of whom must own a property worth N500m in Asokoro or Maitama areas of Abuja.
Justice Taiwo said the sureties must submit the documents of the property to the court’s Chief Registrar.
He equally ordered the defendant to deposit her international passport and should not travel outside of the country.
The judge said pending when she fulfills the bail conditions, the trial judge ordered that she should be remanded in EFCC custody “who shall attend to her health conditions, and if need be, take her to the National Medical Centre if the medical facility of the EFCC is inadequate to treat her.”
He adjourned to October 15 for the commencement of trial.
Lawyer to the defendant, Osahon Idemudia had, while arguing the bail application, argued that the prosecution was only trying to treat a civil contract transaction as a criminal matter.
Idemudia said, “This has to do with a civil contract transaction. It is either a misunderstood commercial transaction or someone is being mischievous. The defendants sold their furniture factory to the Federal Government for $55 million.
“They have only paid half of the money, which the prosecution has calculated as N22.9 billion. The money stated in the charges, which they claimed to be money laundering, is actually payment for the purchase of the furniture factory.”
The defence lawyer averred that a copy of the contract for the sale of the factory had been exhibited before the court and that the prosecution admitted its existence in the counter-affidavit it filed.
He prayed the court to grant his client bail on liberal terms, on the grounds that she was a decent person who was troubled by the turn of event.
Idemudia denied the prosecution’s insinuation that the defendant may not be available for trial, if allowed on bail.
“She is not a flight risk. She is available to stand trial. She is someone who is ready and eager to clear her name,” he said.