The Federal High Court in Abuja has slashed the bail bond of the former chairman of the Pension Reform Task Team (PRTT), Abdulrasheed Maina, from N1billion to N500 million.
In a ruling on Tuesday, the court also demanded Maina present one surety in like sum.
Justice Okon Abang held that, “With the facts placed before the court, the application of the defendant ought not to be granted, but for the past adjournment the defendant is now calm and does not interfere with the proceedings unlike when he was arraigned.
“I’m inclined reluctantly to vary the conditions of the defendant.
“He is admitted to bail in the sum of N500 million.
“Produce one surety who must be a Nigerian and a serving Senator, who must not be standing any criminal trial in court.”
The judge said the Senator must have fully developed landed property in any of these areas: Kamtape, Central Business District, Wuse 2, Maitama and Asokoro.
Justice Abang added that the surety shall come to court with the defendant at all adjourned dates and shall sign the register open for him and go back to his business.
Maina is standing trial for for alleged money laundering after being accused of diverting N100 billion of pension funds.
He is being prosecuted by the Economic and Financial Crimes Commission(EFCC) on a 12-count charge, and is also accused of operating fictitious accounts and carrying out other fraudulent activities.