Alleged N2.5bn scam: NBC DG arraigned, granted bail

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The Director General, National  Broadcasting Commission (NBC), Ishaq Modibo-Kawu, was Thursday arraigned before a Federal High Court, Abuja, over alleged N2.5bn fraud.
Arraigned along with him are Managing Director of Pinnacle Communications, Dipo Onifade, Founder and Chairman Board of Directors of Pinnacle, Lucky Omoluwa and Pinnacle Communications Ltd.
The Independent Corrupt Practices and Other Related Matters Commission (ICPC), filed charges against tbem over alleged misappropriating of N2.5bn, for the nationwide rollout of the digital transmission of home television signals.
The defendants are facing a 12-count charge bordering on abuse of office, money laundering and misleading a public officer with the intent to defraud the Federal Government, in contravention of Section 19 of the Corrupt Practices and Other Related Offences Act, 2000.
However, when the charges were to them , Thursday, they pleaded not guilty. Consequently, their counsel moved bail application.
According to Justice Folashade Giwa-Ogunbanjo, the defendants are deemed innocent untill found guilty. She held that since the crime they are charged with is bailable, she is left with no option than to grant them bail.
In granting them bail, Justice Giwa-Ogunbanjo ordered them to deposit a N100m bail bond and with two suretes each in like sum.
“They are granted bail in sum of N100m each, with two sureties each in like sum. The sureties will  depose to affidavit, and must be property owners in the FCT”, the court held.
The sureties, according to the court, “Must be in level 17 and above in the service of Nigeria, who reside within FCT.”
The court also said the sureties should show evidence of payment of tax for three years.
The defendants are also to produce two passport photographs, they are to deposit their international passports with the Deputy Registrar, Litigation of the