The ex-CEO of the Federal Mortgage Bank of Nigeria, Mr. Gimba Kumo Yau, has been granted a bail of N100 million by the Federal High Court in Abuja. Yau is charged with giving a $65 million real estate deal to a company, Good Earth Power Nigeria Limited, which was said to be not qualified, back in 2012.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) claims that Yau paid N3,785,000,000 to Good Earth Power Nigeria Limited, even though he knew the company couldn’t finish the project. The project, called “Goodluck Jonathan Legacy City,” was supposed to build 962 homes in Kubwa, Abuja.
Yau, along with co-defendants Bola Ogunsola and Mr. Tarry Rufus, pleaded not guilty to the charges. Their legal team applied for bail, which was granted by Justice James Omotosho on Wednesday.
The bail requirements are as follows:
- Bail Amount: Each defendant must pay N100 million.
- Sureties: Two people must also pay N100 million each. These people must own property worth at least N100 million.
- Affidavit of Means: The sureties must provide a sworn statement showing they can afford the bail and proof of tax payments for the last three years.
- Passport Photographs and Bank Statements: Both the defendants and the sureties must give recent passport photos and certified bank statements.
- International Passports: The defendants must hand over their international passports to the court’s registrar.
The trial will start on February 6, 2025.
