The Lagos Division of the Federal High Court has granted a N250 million bail each to a former Aviation Minister, Femi Fani-Kayode, and three others charged with money laundering.
Also granted bail in the same sum by the presiding judge, Justice Muslim Hassan, are Nenadi Usman – who is a former finance minister – Danjuma Yusuf and the Joint Trust Dimension Nig. Ltd.
The Economic and Financial Crimes Commission (EFCC) had last week Tuesday arraigned the four accused persons on a 17-count charge bordering on conspiracy, stealing, corruption and making cash payments exceeding the amount authorized by law.
Fani-Kayode and his co-defendants, are accused of diverting about N4.9 billion belonging to the Federal Government of Nigeria for political and personal uses.
They pleaded not guilty to the charges.
At the passing of his verdict on their bail application on Monday, the judge held that there was no evidence that the accused would interfere with trial if granted bail.
The judge also stressed that denying the accused bail, especially as the courts prepare for vacation would not serve the interest of justice.
However, Hassan stated that each of the defendants must provide two sureties who own landed properties within the court’s jurisdiction, as well as deposit their travel passports with the court.
He then adjourned till October 19, 20, and 21, for trial.