Celebrated socialite and businessman, Obinna Iyiegbu (aka Obi Cubana), who spent his first night with the Economic and Financial Crimes Commission, EFCC, in Abuja on Monday, is set for release on administrative bail any moment from now.

A source close to the case confirmed to NetbuzzAfrica.com that the socialite had been granted bail but was yet to perfect the conditions attached to the bail for his release.

“Yes, he has been granted bail but he is yet to meet the conditions for his release,” the official revealed on the phone on Tuesday afternoon.

A top source explained that although the anti-graft agency plans to prosecute Cubana for sundry economic and financial offences, the trial would not commence any time soon.

This is a developing story.