Court Orders Remand of Almond Projects CEO in ₦2.17bn Fraud Case
A Federal High Court in Abuja has ordered the remand of Olugbenga Obadina, the Chairman and CEO of Almond Projects Limited, at Kuje Correctional Centre following his re-arraignment on charges of money laundering involving ₦2.17 billion. Justice James Omotosho issued the ruling after Obadina was re-arraigned by the Economic and Financial Crimes Commission (EFCC) on an eight-count charge related to the illegal diversion of funds.
The EFCC alleges that Obadina and Almond Projects Limited unlawfully received ₦648 million from the Office of the National Security Adviser (ONSA), despite lacking a legitimate contract. The funds were allegedly tied to the diversion of $2.1 billion, intended to counter Boko Haram insurgency under the administration of former President Goodluck Jonathan.
During the court session, the EFCC confirmed that it was ready to proceed with the trial. Obadina’s defense team, led by Saheed Sanusi, SAN, and Adeola Adedipe, SAN, representing Almond Projects, did not contest the arraignment. Despite pleading not guilty to the charges, the EFCC requested Obadina’s remand.
Obadina’s defense raised concerns about his prior bail in 2016, which included stringent conditions such as a ₦500 million bond and two sureties. However, the court noted the absence of one of his sureties and ruled that Obadina would remain in custody until he and his sureties submitted verified bank statements, as per the original bail conditions.
The case, which has now been adjourned to February 18, 20, and 21, 2024, centers on allegations of money laundering tied to retired Col. Sambo Dasuki, the former National Security Adviser. The alleged crime violates the Money Laundering (Prohibition) Act, 2011 (as amended), with significant penalties if convicted.
