The judgment was given today, January 7, 2015, by Justice Ahmed Mohammed.
Both suspects were ordered to pay N300million each and produce two sureties each, in like sum.
The court also told the former PDP Chairman and his son to submit their passports to the court.
The Bellos have been accused of committing fraud to the tune of N300million by the Economic and Financial Crimes Commission (EFCC).
They were arrested in connection with the ongoing investigation of the $2 billion arms deal fraud which was allegedly spearheaded by former National Security Adviser (NSA), Sambo Dasuki.
Dasuki is at the center of a massive money laundering investigation and is alleged to have supervised the looting of the funds which were meant for the procurement of arms for Nigeria’s military.
He was arrested by the Department of State Services (DSS) on December 1, 2015 and handed over to the EFCC the day after.