A businessman, Olaitan Aina, who allegedly received the sum of a million on Christmas Eve, was on Friday, remanded at the Ikoyi Correctional Services Centre by a Federal High Court sitting in Lagos.

Justice Nicholas Oweibo made the order after the arraignment of the defendant by the Economic and Financial Crimes Commission.

The defendant was arraigned on one count bordering on money laundering, preferred against him by the EFCC.

EFCC counsel Ebuke Okongwu told the court that the defendant committed the offence on December 24, 2012, in Lagos.

The charge reads, “That you AINA OLAITAN CHRISTOPHER on or about the 24th December 2012, accepted cash payment of N11,000,000 and thereby committed an offence contrary to Section 1(a) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 16(2) (a) of the same Act”.

However, the defendant pleaded not guilty to the charge against him.

Following his plea, his counsel Kolapo Gbadamosi informed the court that he had filed a motion for bail dated July 18, and served the EFCC on July 20.

But the Commission opposed the bail application.

Okongwu prayed the court to refuse the application for bail or in the alternative impose terms and conditions that will ensure the defendant is present for trial.

After listening to the arguments of both counsels, Justice Oweibo in a bench ruling, admitted the defendant to bail in the sum of N5million with one surety in like sum.

He ordered that the surety must be a landed property owner within Lagos and have evidence of tax payment for the last three years.

The judge adjourned the case till November 29 for trial.