An Ikeja special offenses court has reduced the bail sum to be paid by Mompha, embattled Nigeria socialite, from N200 million to N25 million.

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Mompha and his company Ismalob Global Investment Ltd were arraigned by the Economic and Financial Crimes Commission (EFCC) over alleged N6 billion fraud on January 12.

A fresh eight-count charge was brought against him, including conspiracy to launder funds obtained through unlawful activity and laundering of funds obtained through unlawful activity.

Others are retention of proceeds of criminal conduct, use of property derived from an unlawful act, possession of a document containing false pretense, and failure to disclose assets and properties.

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He was remanded in the custody of the EFCC but later granted a bail of N200 million which he couldn’t fulfill.

According to NAN, the court, during its sitting on Monday, slashed the monetary terms for Mompha’s bail.

Mojisola Dada, the judge, ruled to this effect after a prayer by Gboyega Oyewole (SAN), the defense counsel, and submission by Rotimi Oyedepo, the prosecution counsel.

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Oyewole had tendered an application which was supported by a 13-paragraph affidavit to pray the court to lessen the bail conditions.

“The defendant is admitted to a bail of N25 million with two sureties in like sum. One of the sureties must have a landed property worth N50 million within the court’s jurisdiction,” Dada said in a fresh declaration.

“The defendant shall be temporarily released to defense counsel only for two weeks pending the perfection of the bail conditions. Defense counsel should also write an undertaking to that effect.”

The court adjourned the case until April 6 for a progress report on the perfection of bail conditions.

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