A Federal High Court sitting in Lagos has granted bail in the sum of N10 million to Nigerian businessman, Pascal Okechukwu, popularly known as Cubana Chief Priest, charged with alleged naira abuse.
The Economic and Financial Crimes Commission (EFCC), on Wednesday, April 17, 2024, arraigned Cubana Chief Priest on a three-count charge of allegedly spraying and tampering with the naira notes during an event at Eko hotel in Lagos.
The defence counsel, Chikaosolu Ojukwu (SAN), informed the court of a preliminary objection challenging the courts jurisdiction as well as a bail application files on behalf of the defendant.
He informed the court that the prosecution was not opposed to same.
After the charge was read to Cubana Chief Priest, he pleaded not guilty to the charge.
In moving the bail application of the defendant, the lawyer urged the court to grant him bail on liberal terms.
Ojukwu told the court that the socialite was admitted by the prosecution following his health condition, adding that due to his weight, the defendabt suffers palpitation.
EFCC arraigns Cubana Chief Priest for naira abuse Wednesday
He also rold the court that the offence with which the defendant is charged is a misdeamenour and that the prescribed punishment ranges from a fine of N50,000 or an imprisonment term of six months.
The lawyer urged the court to grant bail on very liberal terms to Cubana Chief Priest, saying he is a first offender with no past criminal records.
Ojukwu also informed the court that the defendant is an employer of labour with over 1000 employees on his payroll, who are dependent on their jobs.
He, consequently, urged the court to grant his application as moved.
In response, the prosecutor, Bilikisu Buhari, said she will leave the issue of bail to the discretion of the court.
Delivering judgement afterwards, Justice Kehinde Ogundare granted Cubana Chief Priest bail in the sum of 10 million with two sureties in like sum
The judge held that both sureties must be civil servants of level 16, adding that one of the surety must be the owner of a landed property within jurisdiction.
Justice Ogundare also ordered Cubana Chief Priest to submit his international passport to the court’s registry, adding that the condition of bail be perfected within seven days.
The judge equally ordered the defence counsel to produce the defendant for perfection of his bail conditions within stipulated time otherwise the businessman will be sent to the correctional centre.
The judge, therefore, adjiourned the case until May 2 for hearing of the preliminary objection.
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