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The Economic and Financial Crimes Commission on Monday arraigned a businesswoman, Mrs Isabella Oshodin, on 25 counts of fraud and money laundering involving N22.9bn.

She was arraigned before the Federal High Court in Abuja alongside Bob Oshodin Organisation Ltd.

She pleaded not guilty when the charges were read to him before Justice Taiwo Taiwo.

The commission disclosed that they would be arraigned before Justice Taiwo Taiwo for receiving the money fraudulently from the former National Security Adviser, Col. Sambo Dasuki (retd.).

Oshodin and her firm allegedly received $57.3m and N2.3bn from Dasuki.

The defendants were said to have on many occasions received the money in the sums of N500m; N750m; N125m; N350m; N170m; N85m; N60m; N50m and others totaling N2.366bn.

She was said to have contravened of Section 15 (2) (b) of the Money Laundering (Provision) Act, 2011 as amended in 2012.

Shortly after he was arraigned on Monday, her lawyer, Osahon Idemudia, urged the judge to grant bail in liberal terms to the defendant.

The lawyer said the defendant had been in EFCC custody for about 70 days.

He stated that the offences the defendant was accused of bordered on a civil contract freely entered by his client and the Federal Government.

He added that his client would not jump bail, urging the court to grant an accelerated hearing of the case as his client was eager to clear her name.

EFCC’s lawyer, Aisha Habib, opposed the bail application, alleging that the defendant would likely jump bail if granted bail as her husband and all her children were based in the United States of America.

She added that should the court be inclined to granting her bail, the conditions should be such that it would ensure that defendant would attend her trial.

Justice Taiwo ordered the defendant to be remanded in EFCC custody till August 21 when ruling on her bail application would be delivered.