The Kano Zonal Office of the Economic and Financial Crimes Commission on Friday arraigned one Abubakar Ibrahim before Justice Lewis A. Allagoa of the Federal High Court in Kano, on a five count charge of money laundering.
The defendant pleaded “not guilty” to the charges preferred against him.
In view of his plea, prosecution counsel, Michael Ojo asked the court for a date to commence; that the accused person be remanded in the custody of the Nigerian Correctional Service.
But the defence counsel, H.A Hamza urged the court to admit the defendant to bail.
Justice Allagoa granted the defendant bail in the sum of N50 million, with one surety in like sum. The surety must be the owner of a landed property within Kano metropolis, which shall be verified by the registry of the court.
The case has been adjourned till November 19, 2020 for trial.
The defendant who is promoter of Flexus Global Investment allegedly used the company which is not duly registered with the SCUML to engage in foreign exchange trading.
Through one of his agents, Umar Kabir, he allegedly obtained a total sum of N7 million from the complainant with the promise of 30-35 percent monthly return on investment.
However, after investing the said sum the complainant neither received the promised interest nor get a refund of the sum invested.
