Nigerian court sets N2bn bail for $2.63m laundering case
A Nigerian federal court has released Miyetti Allah leader Bello Bodejo on stringent N2 billion bail conditions, highlighting the ongoing friction between anti-graft prosecutors and the judiciary in high-profile financial crime cases.
A Federal High Court in Abuja has granted bail to Bello Bodejo, the National President of Miyetti Allah Kauta Hore. He faces allegations of laundering $2.63 million, with the court setting his release bond at N2 billion.
Justice Inyang Ekwo set strict parameters for the release, demanding two sureties who must match the N2 billion sum. The first surety must reside in the capital with verifiable tax clearances spanning three years. The second must provide evidence of owning landed property in the Federal Capital Territory valued at N2 billion. Additionally, Bodejo is barred from international travel and must surrender his passport to the court registrar.
For market participants tracking governance and institutional risk in Nigeria, the magnitude of the bail conditions is notable. Requiring a surety to hold N2 billion in Abuja real estate represents a significant liquidity and asset hurdle. It signals that while the judiciary exercises its discretion to grant bail, it imposes heavy financial constraints to mitigate flight risks in large-scale financial crime cases.
The Economic and Financial Crimes Commission (EFCC) had actively opposed Bodejo's release. The anti-graft agency arraigned him on July 9, pleading that he be remanded in custody while awaiting trial. EFCC counsel Wahab Shittu filed the initial money laundering charges on June 24 and submitted them on June 25.
However, defense counsel Ahmed Raji successfully argued that the alleged offenses are bailable under the Administration of Criminal Justice Act. Justice Ekwo agreed, stating the law allowed the court to exercise its discretion in favor of the defendant. Bodejo has pleaded not guilty to all charges.
This ruling aligns with a recent series of judicial outcomes involving former public officials. Earlier this month, a separate Federal High Court in Abuja granted former Minister of Innovation, Science and Technology Uche Nnaji bail set at N20 million. Nnaji faces charges of certificate forgery and fund misappropriation brought by the Independent Corrupt Practices and Other Related Offences Commission.
Bodejo's trial is scheduled to commence over three consecutive days in October, starting on October 5. Investors and compliance officers will be monitoring the proceedings for clarity on the specifics of the alleged money laundering network.
