A Federal High Court sitting in Lagos on Wednesday ordered that the Senator representing Delta North Senatorial District at the National Assembly, Senator Peter Nwaoboshi be remanded at the Ikoyi Maximum Prisons.

The development follows the arraignment of the Senator and two firms -Golden Touch Construction Project Limited and Suiming Electricals by the Economic and Financial Crimes Commission (EFCC) on two counts of financial fraud to the tune of ₦322 million.

The EFCC, in the charges claimed that the Senator and Golden Touch Construction Project Limited purchased a property known as Guinea House located on Marine Road, Apapa, Lagos State for ₦805 million between May and June 2014.

The anti-graft agency further alleged that ₦322 million out of the ₦805 million which they paid for the purchase of the property was part of proceeds acquired through an illegal act of fraud.

Counsel to Senator Nwaoboshi, Mrs. Valerie Azinge (SAN) had asked the court to grant his client bail on self recognition or on liberal terms but the EFCC counsel, Abubakar Mohammed opposed the application, informing the court that there were still pending charges against the lawmaker.

In his ruling, the presiding judge, Justice Mohammed Idris ordered that Senator Nwaoboshi be remanded at the Ikoyi Prisons till Friday when a ruling will be given on whether or not to admit him to bail.