Businessman remanded for alleged N11m fraud.

A Federal High Court sitting in Lagos on Friday remanded one Aina Olaitan Christopher in the Ikoyi Correctional Services Centre following his arraignment over alleged laundering of N11million.

Justice Nicholas Oweibo made the order after the defendant’s “not guilty” plea to a one-count charge preferred against him by the Economic and Financial Crimes Commission (EFCC).

The judge ordered Christopher’s remand pending the perfection of his N5million bail sum.

EFCC counsel Ebuke Okongwu told the court that the defendant committed the offence on December 24, 2012 in Lagos.

“That you AINA OLAITAN CHRISTOPHER on or about the 24th December, 2012, accepted cash payment of N11,000,000 and thereby committed an offence contrary to Section 1(a) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 16(2) (a) of the same Act”, the charge reads.

Following his plea, his counsel Kolapo Gbadamosi informed the court that he had filed a motion for bail dated July 18, and served the EFCC on July 20.
But the anti-graft agency opposed the application.
Okongwu prayed the court to refuse the application for bail or in the alternative impose terms and conditions that will ensure the defendant is present for trial.

Justice Oweibo, in a bench ruling, admitted the defendant to bail.
The surety must be a landed property owner within Lagos and have evidence of tax payment for the last three years.

The judge adjourned till November 29 for trial.