The Federal High Court sitting in Lagos has granted bail in the sum of 250 million Naira each, to Former Minister of Aviation, Femi Fani-Kayode, Former Minister of Finance, Nenadi Usman and Danjuma Yusuf who are being tried by the Economic and Financial Crimes Commission (EFCC) for allegedly stealing and laundering about 4.9 billion Naira.
Delivering his ruling on their bail application on Monday, the trial judge, Justice Sule Hassan held that there was no evidence that the defendants will interfere with trial if granted bail.
The judge also held that denying the defendants bail, especially as the court’s vacation was near, and would span throughout the expiration of August, will not serve the interest of justice.
Justice Sule Hassan granted the defendants bail with two sureties each in like sum.
The sureties must own landed properties within the court’s jurisdiction and must present to the court, evidence of tax clearance.
The defendants were also ordered to deposit their passport in the custody of the court pending the determination of the case.
The offence which was allegedly committed between January 2015 and March 2015 is contrary to section 18(a) of the money laundering (Prohibition) (Amendment) Act, 2012 and Punishable Under Section 15(3) & 4 of the same act.
The offense carries a minimum sentence of not less than 7years but not more 14 years jail term.
17 witnesses have been listed by the EFCC to testify against the defendants in proof of the charges.
Owing to the courts annual vacation which commences on Monday July 11, 2016 Justice Hassan has adjourned commencement of trial to October 19, 2016.