A Federal High Court sitting in Lagos on Monday granted a N250 million bail to former Aviation Minister, Femi Fani-Kayode, who is being tried by the Economic and Financial Crimes Commission (EFCC) for an alleged fraud of N4.9bn.
Justice Muslim Hassan also granted bail in the same sum to Fani-Kayode’s co-defendants, former Finance Minister, Nenadi Usman; and Danjuma Yusuf.
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.
The sureties must have landed property within the jurisdiction of the court and deposit their Title Documents with the Chief Registrar of the court.
The Title Documents shall be verified by the EFCC within seven days.
The sureties shall also file affidavit of means and deposit their International passport with the court.
The EFCC had last Tuesday arraigned Fani-Kayode and Usman alongside Danjuma Yusuf and Jointrust Dimensions Nigeria Limited before Justice Hassan on a 17-count charge bordering on conspiracy, stealing, corruption and making cash payments exceeding the amount authorised by law.
The accused persons are accused of diverting N4.9 billion belonging to the Federal Government of Nigeria for political and personal uses.
They pleaded not guilty to the charges.
The case has been adjourned till October 19, 20, and 21 for trial.
