By Jude-Ken Ojinnaka
The Group Managing Director of Aliqea Group UAE, Muhammad Lamido, who was remanded at the Kirikiri Medium Correctional Centre, has had his bail terms varied to N50 million by a Lagos Special Offences Court sitting in Ikeja.
The bail variation was granted after counsel to the defendant, Emmanuel Ogbeche, applied to the court for variation of the bail terms earlier granted to the defendant
Lamido is facing trial for allegedly defrauding another businessman of N105 million.
The Economic and Financial Crimes Commission (EFCC) charged him with four counts charge of conspiracy to obtain by false pretence and money laundering.
The defendant pleaded not guilty to the charges.
Ogbeche presented a 14-paragraph affidavit to support his bail application, which contained the defendant’s effort to restitute the money he owed the claimant.
The judge, Justice Olubusola Okunuga, granted the bail variation and reminded the defence counsel that only information before the court is considered for bail applications.
The defence counsel assured the court of his client’s availability and willingness to be in court for his trial and to himself.
The judge then granted Lamido bail in the sum of N50 million with sureties.
The matter was adjourned to March 7, 2024, for continuation of trial.