Obienu is facing trial before Justice B.G Diepri.
One of the charges reads, “that you, Barrister Nwabufor Richard Obienu while being Managing Director of African Pioneer Company Limited, sometime in the year 2010 at Port Harcourt within the jurisdiction of the High Court of Rivers State, with intent to defraud, fraudulently converted to your personal use the sum of N68,871,197.57 out of the N200,000,000 being property of African Pioneer Company Limited paid to her as compensation and thereby committed an offence”.
The offence is contrary to Section 388 of the Criminal code Law, CAP 37 Vol.II Laws of Rivers State of Nigeria 1999 and punishable under Section 390(9) of the same Law.
The defendant pleaded “not guilty” when the charge was read to him.
In view of his plea, the defence counsel, Ifeoma Adara moved a motion that her client be granted bail on liberal terms because he had recently undergone a brain surgery.
The defendant was granted bail in the sum of N100, 000, 000.00(One Hundred Million Naira) and a surety in like sum. The surety is to swear to an affidavit of means and must also deposit four passport photographs with the court.
The defendant was remanded in EFCC custody pending the perfection of his bail terms.
The case has been adjourned till December 19, 2019 for trial