In a ruling he delivered yesterday, Justice Ademola Adeniyi dismissed the application as lacking in merit, saying the erstwhile pension boss, failed to adduce sufficient evidence to warrant the court to exercise its discretion in his favour.
Teidi was specifically alleged to have connived with a former manager with the defunct Oceanic Bank Plc, Mr Udusegbe Omoefe Eric, and diverted about N5billion meant for pensioners across the federation, is praying the court to collect the sum of N100million and order his release from Kuje Maximum Prison.
The duo are answering to a 22-count criminal charge that was preferred against them by the Economic and Financial Crimes Commission, EFCC.
EFCC alleged that the accused persons used nine companies and siphoned pension funds.
It gave names of the companies accused of complicity in the scam as Gozinda Enterprises, Bashinta Nigeria Ltd, Haleath Enterprises, Uthatak Nigeria Ltd, Krasiva Nig Ltd, Badawulu Ventures Limited, Ebunu Attah Investment, Muha Millennium Motors Limited, Ribaile Petroleum Ltd.
Meantime, it will be recalled that the ex-pension boss was on July 12 granted bail by the high court after he had spent thirty-nine days in detention.
The court had ordered him to deposit the sum of N500 million as well as produce two sureties in like sum.
Justice Adeniyi had maintained that the sureties must be owners of landed properties within the jurisdiction of the court, adding that the title deeds of the properties with the Deputy Chief Registrar of the court.
The court equally directed that the accused persons should deposit their travelling documents.
However, four months after, the accused persons are yet to regain their freedom, saying it has been difficult for them to secure a surety capable of fulfilling the bail terms.
Consequently, the accused persons, through their lawyers, Mr S.I Ameh, SAN, and Mr Adewale Adewoke, respectively, re-approached the court, begging it to take pity on them and okay their release.
Whereas Teidi begged the court to reduce his bail bond to N100million, his co-accused, Eric, on the other hand, told the court that he could only afford N10million and one surety in like sum.
Though the counsel to the EFCC, Chief Godwin Oblah, SAN, did not oppose their application for variation, he however urged the court to impose such conditions that will secure the attendance of the alleged pension thieves to court for their trial.
Refusing their plea yesterday, the court, noted that though Teidi claimed he was has a medical condition, it said there was no evidence to support such claim.
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