Justice Okon Abang of the Federal High Court, Abuja granted bail to Faisal Abdulrasheed Maina, son of the former chairman, Pension Reform Task Team, Abdulrasheed Maina in the sum of N60 million and one surety in like sum.
The surety, the judge said, must be a serving member of the House of Representatives, who must own a property anywhere within the Federal Capital Territory.
He also ruled that the surety must present to the court, a three month’s tax clearance and must sign an undertaking that would bind him to attend every court proceeding with the defendant.
The bail, he said, would be revoked where the surety fails to attend any trial with the defendant for no reasonable cause.
Justice Abang also ordered the defendant to submit his Nigeria International Passport and that of the United State of America to the court, pending the conclusion of his trial.
He adjourned until November 27, 2019, for continuation of trial.
The Economic and Financial Crimes Commission, EFCC, is prosecuting Faisal on a three-count charge of money laundering and lack of disclosure of assets.
Despite the motion of M.S Abubakar, prosecution counsel against the bail application, Justice Abang agreed with defence counsel, Francis Orasanye that the defendant is presumed innocent until proven guilty.
He held that the court “cannot exercise its discretion arbitrarily, but to ascertain what is right and what is fair in the matter,” adding that “no matter how seemingly serious, no matter how seemingly grave the offences are,” the defendant has the “right of his innocence until proven otherwise’ adding that the presumption of innocence is an article of faith.
Faisal is a final year student of a Canadian University in Dubai.