The defendant who was on Wednesday remanded in Kuje Prison after he was arraigned on 15 counts of N1.1bn money laundering offences, is to, among other bail conditions, provide two sureties to enter into N50m bail bond each.
Shamsudeen is being prosecuted by the Economic and Financial Crimes Commission for allegedly paying millions of naira on different occasions totalling about N1.1bn for the purchase of houses without going through financial institutions.
His action, without any business what that amount, is in breach of Money Laundering (Prohibition) Act. Justice Dimgba on Friday ordered an accelerated hearing in the case and fixed March 27 and 28 for commencement of trial.
The judge however ruled that Shamsudeen, who was produced in court handcuffed by prison officials, should remain in prison pending when he's able to meet all the bail conditions.