N30.8bn alleged fraud: Court grants Fayose N50m bail

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The former governor of Ekiti State, Mr. Ayodele Fayose who is standing trial for alleged N30.8 billion fraud was on Wednesday granted bail in the sum of N50 million.

The Economic and Financial Crimes Commission (EFCC) arraigned Fayose alongside his company, Spotless Investment Ltd at the Federal High Court in Lagos on Monday on 11-count charge bordering on alleged money laundering and other related financial crimes.

He pleaded not guilty to the charges but was remanded in the EFCC custody while the case was adjourned till October 24, 2018.

At the resumed hearing on Wednesday, Fayose’s counsel, Mr.  Kanu Agabi urged the court to grant the accused bail on the grounds that he (accused) voluntarily submitted himself to EFCC a day after leaving office as governor of Ekiti State.

In addition, he said, Fayose had no criminal record.

But EFCC counsel, Mr. Rotimi Jacobs, countered the bail application on the grounds that the day Fayose appeared at the EFCC headquarters in Abuja, he came with a band hoodlums that nearly attacked the EFCC operatives before they were repelled.

He was apparently referring to the crowd that included the governor of Rivers State, Mr. Nyesom Wike and the former aviation minister, Chief Femi Fani-Kayode.

Jacobs also told the court that investigation was still ongoing to trace some of the properties bought by Fayose contending that if granted bail, the accused would scuttle investigation.

However, the presiding judge, Justice Mojisola Olatoregun said since the offence alleged to have been committed was a bailable, she was inclined to grant Fayose bail.

She thus granted the accused bail in the sum of N50 million with one surety who must own a landed property in Lagos.

In addition, she said the surety must possess three years tax clearance and must also secure a bond of N50 million from a reputable bank which will be forfeited in if the accused jumps bail.

Fayose was also ordered to swear to an affidavit not to tamper with the witnesses.

He was also directed to deposit his international passport with the chief registrar of the court.

Thereafter, the judge adjourned the trial till November 19, 2018.

With NAN report

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