Justice Mohammed Idris of a Federal High Court in Lagos Wednesday remanded Senator Peter Nwaoboshi in Ikoyi prisons custody pending the hearing of his bail application.

The remand order followed the arraignment of the senator by the Economic and Financial Crimes Commission (EFCC) over allegations of fraud.

Last week, the anti-graft agency arrested Nwaoboshi, a Peoples Democratic Party (PDP) senator from Delta State, whose name is on the looters list recently released by the federal government.

Nwaoboshi represents Delta north senatorial district in the upper legislative chamber.

Nwaoboshi was arraigned alongside with his two companies -Golden Touch Construction Projects Ltd, and Summing Electricals Ltd, on a two count charge bordering on fraud and money laundering totaling N805m.

In the charge No: FHC/L/117C/2018, the EFCC alleged that the accused committed the offences between May and June 2014 in Lagos.

Nwaoboshi was said to have acquired a property described as Guinea House, Marine Road, in Apapa Lagos, for the sum of N805 million when he reasonably ought to have known that N322 million out of the purchase sum formed part of proceeds of an unlawful act.

The sum was said to have been transferred to the vendors by order of Suiming Electrical Ltd.

Suiming Electrical was said to have on May 14, 2014, aided Nwaoboshi and Golden Touch to commit money laundering.

The offences contravened the provisions of Sections 15(2), (d) , 15 (3) and 18 (a) of the Money Laundering (Prohibition) Act 201.

Nwaoboshi pleaded not guilty to the offences.

Veleria Azinge, who appeared for the senator, urged the court to grant Nwaoboshi bail on liberal terms.

But the prosecutor, Salisu Abubakar opposed the application and said that the application was not yet ripe for hearing considering the fact that the commission was served with the motion on April 24.

The judge initially stood down the case to hear the bail application. He later said the lawmaker should be kept in Ikoyi prison till Friday, April, 27.

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