N4.9bn fraud: Fani-Kayode, others get N250m bail
Mon Jul 04, 2016 12:03:pm National
2.9K By sosa hills
Chief Femi Fani-Kayode has been granted bail by a Federal High court sitting in Lagos on Monday morning. Fani-Kayode who is facing charges of money laundering had the hearing for his bail application adjourned to Monday.
He was arraigned alongside a former minister of finance, Nenadi Usman. On Monday the 4th of July 2016, at the Federal High Court, Lagos State, the Court sitting before Justice Hassan granted Bail to Fani Kayode to the tune of N250 million and 2 sureties in like sum.
The sureties, the court said, must be owners of landed properties within the court's jurisdiction, and also to present evidence of tax clearance in the state.
He will also submit his international passport to the court.
The accused were on June 28, 2016 arraigned before Justice Hassan on 17 counts bordering on conspiracy, unlawful retention of proceeds of theft and money laundering.
In one of the counts, the EFCC alleged that Fani-Kayode, who it listed as the 2nd defendant in the charge sheet, and his co-defendants conspired among themselves to "indirectly retain the sum of N1,500, 000,000.00, which sum you reasonably ought to have known formed part of the proceeds of an unlawful act to wit: stealing."
Justice Hassan adjourned till October 19, 2016 for the prosecution to open its case.
He was arraigned alongside a former minister of finance, Nenadi Usman. On Monday the 4th of July 2016, at the Federal High Court, Lagos State, the Court sitting before Justice Hassan granted Bail to Fani Kayode to the tune of N250 million and 2 sureties in like sum.
The sureties, the court said, must be owners of landed properties within the court's jurisdiction, and also to present evidence of tax clearance in the state.
He will also submit his international passport to the court.
The accused were on June 28, 2016 arraigned before Justice Hassan on 17 counts bordering on conspiracy, unlawful retention of proceeds of theft and money laundering.
In one of the counts, the EFCC alleged that Fani-Kayode, who it listed as the 2nd defendant in the charge sheet, and his co-defendants conspired among themselves to "indirectly retain the sum of N1,500, 000,000.00, which sum you reasonably ought to have known formed part of the proceeds of an unlawful act to wit: stealing."
Justice Hassan adjourned till October 19, 2016 for the prosecution to open its case.
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