The EFCC arraigned Obadina on Friday for allegedly receiving over N2.4bn from a former National Security Adviser,Col. Sambo Dasuki (retd), for electricity contracts that were never executed.
The defendant, however, pleaded not guilty to all eight counts.
The prosecuting counsel, Mr. Peters Aso, urged the court to remand the defendant in prison custody and order accelerated hearing of the case.
Aso said that even though bail was at the discretion of the court, the proof of evidence accompanying the charges
against Obadina, showed that he was not entitled to bail.
“The defendant received N2.4bn out of which $2.6m has been taken abroad and his passport is still in his custody.
“And so, if granted bail, he is a flight risk because he will jet off to enjoy that money already abroad,” Aso said.
The prosecutor said that although they had recovered N70m from the defendant, rather than cooperate, he was frustrating the investigation.
He urged the court to discountenance the exhibits attached to the defendant’s bail application, saying they were public
documents and only certified true copies would be accepted by the court.
The defence counsel, Chris Uche (SAN), notified the court that the defendant had been in EFCC’s custody for over one month even though he had been granted administrative bail.
Uche urged the court to grant his client bail, saying that the charge preferred against him was one in which bail could be granted.
He also noted that the defendant had demonstrated, through the exhibits he attached to his affidavit, that he would be available to attend his trial if granted bail.
He appealed that bail should be granted in liberal terms, adding that the N70m recovered by the EFCC could be used as bond.
The judge, Justice Nnamdi Dimgba, said that the court could put in place measures that would ensure that the defendant was not a flight risk when granted bail.
Dimgba also said that the court would put in place measures to ensure that he appeared for his trial.
Dimgba adjourned ruling on the bail application till July 18 and ordered the remand of the defendant in Kuje prison