Justice Adamu Bello of the Federal High Court, sitting in Abuja, on Wednesday May 9, 2012, granted a N50 Million bail with one surety in like sum, to Dr. Sani Teidi Shuaibu who is being prosecuted by the Economic and Financial Crimes Commission EFCC for fraud, conspiracy to commit fraud and concealing the illicit origin of stolen Pension Funds to the tune of N439 Million.

Four other companies arraigned alongside Shuaibu by the EFCC on Monday May 7, 2012, were business concerns with which Shuaibu laundered the money. They are: Badawulu Ventures Limited, Ebunu Attah Investment, Muha Millennium Motors Limited and Riba-ile Petroleum Limited. Shuaibu was remanded in Kuje prison.

While ruling on the bail application at the resumed hearing, the court said that the surety must be a responsible citizen of Nigeria, resident within the judicial division of the court and must have a property which worth must not be less than fifty million naira, N50 million, also within the judicial division of the court.

The judge further said that the title documents of the property must also be verified and deposited with the registrar of the court, while the accused's international passport is also to remain in the court's custody until the final determination of the case.

Before adjourning proceedings to July 19, 2012, for commencement of trial, Justice Bello directed that Shuaibu must write a written undertaking not to harass or intimidate prosecution witnesses before or during trial. He warned that a violation of such will result in the revocation of the bail and remanding of the accused until trial is concluded. Dr. Shuaibu is alleged to have conspired with Badawulu Ventures Ltd, Ebunu Attah Investment, and Riba-lle Petroleum Ltd to launder illegal funds derived directly from the pensions department, Office of the Head of Service of the Federation of Nigeria into the account of Muha Millennium Motors Ltd through which the principal accused (Dr Sani Teidi Shuaibu) purchased Brifina Hotels Limited located at Plot 1106 Cadastral Zone BO2 Durumi District, Area 1 Abuja at the sum of N399 Million (Three hundred and ninety nine million naira).

Media & Publicity Unit
9th May, 2012.