The Federal High Court in Abuja on Tuesday reduced the bail bond of the former chairman of the Pension Reform Task Team (PRTT), Abdulrasheed Maina, from N1billion to N500 million.
The judge also demanded Mr Maina present one surety in like sum.
Mr Maina had on January 13 told the court that he could not meet the stringent conditions of the bail granted to him in November.
In a ruling that lasted more than one hour on Tuesday, Justice Okon Abang held that, “Wih 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.”
Justice Abang said, “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.
Mr Maina is accused of diverting N100 billion of pension funds, and is facing trial for alleged money laundering.
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.
The former PRTT chairman, who was in hiding for almost two years, was arrested by the State Security Service last year.
The SSS handed over Mr Maina to the EFCC, which had declared him wanted for over a year.
His son, Faisal, who was arrested alongside the father in September, is accused of operating an account he used to divert various sums of money, including N58 million.
The two men were arraigned by the EFCC on October 25 on separate charges. They pleaded not guilty.