Justice Sule Hassan of a Federal High Court in Lagos yesterday granted bail to a former Aviation Minister, Femi Fani-Kayode and three others charged with money laundering.
Read also: Bianca denies ever pregnant by Fani-Kayode
The Economic and Financial Crimes Commission (EFCC) had arraigned Fani-Kayode alongside a former Finance minister, Nenandi Usman, Danjuma Yusuf and a company, Joint Trust Dimension Nig. Ltd.
They were arraigned on a 17 count charge bordering on unlawful retention, unlawful use and unlawful payment of money in the tune of about N4.9 billion.
They had each pleaded not guilty to the charge.
Ruling on their bail application, Justice Hassan held that there was no evidence that the accused will interfere with trial if granted bail.
The judge noted that denying the accused bail, especially as the court’s vacation was near, and would span throughout the expiration of August, will not serve the interest of justice.
He accordingly, admitted the first, second, and third accused to bail in the sum of N250 million each with two sureties each in like sum.
The judge added that each of the sureties must exhibit evidence of landed properties in Lagos, and must submit their international passport with the courts registry.
The judge further ordered that all documents must be verified by the EFCC within seven days.
He fixed Oct. 19, 20, and 21 for trial.
In the charge, the accused were alleged to have committed the offences between January and March 2015.
In counts one to seven, they were alleged to have unlawfully retained over N3.8 billion which they reasonably ought to have known formed part of the proceeds of an unlawful act of stealing and corruption.
In counts Eight to 14, the accused were alleged to have unlawfully used over N970 million which they reasonably ought to have known formed part of an unlawful act of corruption.
Meanwhile in counts 15 to17 Fani-Kayode, together with one Olubode Oke who is said to now be at large, were alleged to have made cash payments of about N30 million, in excess of the amount allowed by law, without going through a financial institution.
Besides, Fani-Kayode was alleged to have made payments to one Paste Poster Co (PPC) of No 125 Lewis St., Lagos, in excess of amounts allowed by law.juui
All offences were said to have contravened the provisions of sections 15 (3) (4), 16 (2) (b), and 16 (5) of the Money laundering (prohibition) (Amendment) Act, 2012.