A judge said several factors including the nature of offence and its severity was considered in denying Tigran Gambaryan bail.
The company and its executive were arraigned on a five-count charge bordering on money laundering before a federal high court in Abuja.
The defendants pleaded not guilty to the charge.
Moving an application, Counsel to the Defendant, Mark Mordi, argued that the court had the power to grant bail to the defendant and impose conditions to ensure his presence in court.
The Prosecution Counsel, Ekele Iheanacho, however opposed the bail application, stating that the defendant was a flight risk.
He stated that the defendant attempted to obtain a new passport which he claimed was stolen, and this was a suspicious act given the proximity to his colleague’s escape from custody.
He added that the court cannot risk granting him bail, especially since he is not attached to any community in Nigeria.
“The fact that the passport of the defendant is with the complainant does not guarantee that he will remain in Nigeria because the defendant is not only an American citizen but also an Armenian citizen by birth.
He urged the court to refuse the application and instead remand him in EFCC custody to ensure his safety and prevent potential flight risk.
Delivering ruling, the judge said several factors including the nature of offence and its severity must be considered when trying to decide whether or not bail should be granted to the defendant applicant.
The Judge agreed with the depositions made by prosecution and was of the view that the applicant will jump bail if bail is granted to him.
He subsequently ordered that the trial be given an accelerated hearing.
After the ruling, the EFCC called its first witness, a staff of the Securities and Exchange Commission.
