The Federal High Court sitting in Lagos has granted bail to the Senator representing Delta North in the National Assembly, Senator Peter Nwaoboshi on self-recognisance.
Justice Mohammed Idris also ordered that the Senator must present two sureties, who must produce a N50 million bond within 72 hours or the bail will be revoked.
The judge also directed him to deposit his passport with the court and he’s not to travel outside the court’s jurisdiction without permission.
The Federal High Court Sitting in Lagos had on Wednesday, April 25 ordered the remand of Senator Nwaboshi in Ikoyi Prison.
The remand order follows his arraignment by the Economic and Financial Crimes Commission (EFCC) over allegations of fraud.
Senator Nwaboshi, the lawmaker representing Delta North district at the National Assembly, was arraigned by the anti-graft agency on Wednesday on two counts of alleged fraud.
Counsel to Senator Nwaboshi had asked the court to grant his client bail on self-recognisance, but the EFCC opposed the bail application.
The anti-corruption agency informed the court that there were still pending charges against the lawmaker.
Senator Nwaboshi is being arraigned over the purchase of a property identified as Guinea House located on Marine Road, Apapa-Lagos.
The EFCC alleged that the money used to acquire the property by the senator formed part of the proceeds of an unlawful act of fraud.
The accused is being charged alongside Golden Touch Construction Projects Limited and Suiming Electricals Nigeria Limited.