Former Aviation Minister, Chief Femi Fani-Kayode and his finance counterpart, Senator Nenadi Usman have been granted bail for N250 million each by the Federal High Court in Lagos on Monday. They pleaded not guilty to the charges.
The Economic and Financial Crimes Commission (EFCC) arraigned them on a 17-count charge of laundering about N4.6billion.
They were charged alongside the former Chairman of the Association of Local Government of Nigeria (ALGON) and ex-Chairman of Kagarko Local Government Area of Kaduna State, Mr. Yusuf Danjuma and a company said to belong to him, Jointrust Dimentions Nigeria Limited. Danjuma was also granted bail for N250 million.
Justice Muslim Hassan held that there was no basis for denying them bail since the alleged offence was a bailable one
He noted that denying them bail, especially as the court’s vacation would begin next Monday until September 9, would not serve the interest of justice. He granted them for N250 million each with two sureties each in like sum.
"The sureties must show evidence of having landed properties in Lagos. The defendants and sureties must submit their international passport with the court’s registry, " the judge added.
Justice Hassan directed the EFCC to verify the bail terms within seven days before letting the defendants go home.