Fani-Kayode, others get N750m bail

Justice Sule Hassan of the Federal High Court, Lagos yesterday granted bail in the sum of N750 million to a former Aviation Minister, Femi Fani-Kayode, and three others charged with money laundering.

The former minister, who served as the Director of Media and Publicity in the campaign committee of ex-President Goodluck Jonathan, was arraigned alongside a former Finance Minister, Nenadi Usman, one Danjuma Yusuf and a company, known as joint Trust Dimension Nig. Ltd.

The accused are being charged by the Economic and Financial Crimes Commission (EFCC). 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 all pleaded not guilty to the charge.

Delivering his ruling on their bail application, the trial judge held that there was no evidence that the accused would interfere with trial if granted bail. Moreso, 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 and fixed October 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.