The apex court also ordered his immediate release from the Ikoyi prisons in Lagos, where he is currently being held.In a judgment yesterday, the Supreme Court also freed the two companies – Golden Touch Construction Project Ltd and Suiming Electrical Ltd – that were tried with him on a two-count charge preferred against them by the Economic and Financial Crimes Commission .
While Justices John Okoro, Uwani Aba-Aji and Adamu Jauro agreed with the lead judgment, written by Justice Emmanuel Agim, Justice Ibrahim Saulawa dissented. Justice Agim, in the lead judgment, held that Nwaobishi and the two companies were unjustly and maliciously prosecuted by the EFCC for committing no offences known to law, adding that they were subjected to needless criminal trial in relation to a civil transaction.
He held that there was no evidence that the loan was fraudulently obtained, adding that there was no complaint from the NEXIM Bank that the company to which the loan was granted had defaulted. He observed that the claim of the EFCC was that the company got the loan for the purpose of enhancing its operations, but allegedly diverted N322 million out of the loan for the purchase of Guinea House.
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