The Federal High Court in Abuja has reduced the bail bond of ex-chairman of the defunct Pension Reform Task Team, Abdulrasheed Maina, from N1billion to N500 million in his trial for alleged money laundering.
Justice Okon Abang in a ruling on Tuesday also said that Mr Maina is to present one surety in like sum who must be a senator, a change from the previous condition which pegged his sureties at two.
According to the judge, the serving senator who will stand as Maina’s surety must have property worth N500 million in either Asokoro, Maitama, Wuse II, Central Business District or Katampe, Abuja.
Maina had told the court on January 13 that he could not meet the conditions of the bail granted to him last November.
Maina is being prosecuted by the Economic and Financial Crimes Commission (EFCC) on a 12-count charge of money laundering.
He is accused of diverting N100 billion of pension funds and also of operating fictitious accounts and carrying out other fraudulent activities.
