Date Published: 06/23/09

TRANSCORP fraud: Iseghohi, 2 others get stringent bail conditions

Hope of an easy passage to freedom for the trio of Thomas Iseghohi, Muhammed Buba, and Mike Okoli, Group Managing Director (GMD) of Transnational Corporation (TRANSCORP) Plc , Company Secretary and Deputy General Manager (DGM) respectively was on Monday June 22, 2009 ruffled when the court granted them bail on stringent conditions.

The accused persons who had stayed in both EFCC and prison custody for more than three weeks on the orders of the court, are standing trial on a thirty two count charge of criminal conspiracy, criminal breach of trust, money laundering and misappropriation of public funds to the tune of Fifteen billion naira (N15 billion).

The case was brought against them by the Economic and Financial Crimes Commission (EFCC) on the 27 th May,2009 before Justice Anuli Chikere of the Federal High Court, Maitama, Abuja.

Ruling on the bail application, the presiding judge after a review of the submissions of the prosecution and the defence counsel, Audu .M. Nunghe and Joe Gadzama respectively, noted that bail was a fundamental right of an accused person according to section 35(1) of the 1999 constitution.

In addition,Justice Chikere said that the accused were presumed innocent until proven otherwise and that the offences for which they were charged were bailable.

She thereafter granted them bail on the following stringent conditions:

Bail granted in the sum of N500million each.

Accused to produce two sureties in like sum

Sureties must be civil servants with either a federal ministry or parastatal and must produce evidence of appointment.

Sureties must be owners of landed property in Abuja with evidence of ownership from Abuja Geographic Information System (AGIS)

*Sureties must show evidence of tax clearance for three years from Federal Inland Revenue Service (FIRS)

*Each accused person must deposit his international passport to the court registry.

After reading out the stringent bail conditions, the trial judge ordered the accused to be remanded in kuje prison custody pending the time they will meet the conditions for their temporary freedom.

The case was thereafter adjourned to July 29,2009 for substantive hearing.