After spending 71 days in Kuje prison,the hope of a temporary freedom for Mike Okoli, the suspended company secretary of Transnational Corporation (TRANSCORP) Plc was dashed on Wednesday August 5, 2009 when a Federal High Court, Maitama, Abuja dismissed his application for variation of his bail condition.

Okoli was first arraigned by the Economic and Financial Crimes Commission, EFCC, on May 27, 2009 alongside Thomas Iseghohi, Group Managing Director  and Muhammed Buba, Deputy General Manager of TRANSCOP Plc on a 32 count charge of criminal conspiracy, criminal breach of trust, money laundering and misappropriation of public funds to the tune of N15 billion.

The accused subsequently filed application for bail, a move that was vehemently opposed by the prosecuting counsel. The trial judge, Justice Anuli Chikere however granted them bail on June 22 on stringent terms which include:

 * A bond of N500 million each

 * Accused persons to produce surety in like sum

* Sureties must be civil servants with either a federal ministry, parastatal and must      produce evidence of appointment

* Sureties must be owners of landed property in Abuja with evidence of ownership from Abuja Geographic Information System (AGIS)

* Sureties must show evidence of tax clearance for three years from the Federal Inland Revenue Service (FIRS)

* Each accused must deposit his international passport in the court registry.

While Iseghohi and Buba were able to meet their bail conditions, Okoli has found it tough meeting the conditions. As a result, he approached the court through his counsel, Joe Gadzama, SAN to seek for a variation of his bail terms.

 While pleading with the court to vary the bail condition, Gadzama said it took the two other accused persons, almost a month to meet the conditions. “Staying behind bar is not easy and he cannot deliberately say he could not meet the conditions. The 3^rd accused person has a seven year old child to take care of. He does not have a surety who has landed property in Central Area and cannot get a civil servant who can guarantee a N500 million,” he pleaded.

However counsel to EFCC, Audu Nunge opposed the application for bail variation. “We humbly oppose the application and in doing this we have filed a 16 paragraph affidavit   and we are relying on all the paragraphs to oppose the application”. He pleaded with the court not to grant the bail variation as “the law is about justice and there is no sentiment in judicial process.”

 Delivering her ruling on the application on Wednesday, Justice Anuli Chikere dismissed the application as she noted that two of the accused persons had already met the conditions for bail. “If the two are able to meet the conditions, there is no reason why the third accused cannot do so,” she said.