A Federal High Court in Lagos has granted bail in the sum of N250m to two former ministers of the federal republic, Femi Fani-Kayode and Nenadi Usman, who are being tried by the Economic and Financial Crimes Commission for an alleged fraud of N4.9bn.
Also admitted to bail in the same conditions was one Danjuma Yusuf, who was standing trial alongside the two former ministers.
Justice Muslim Hassan granted the bail with two sureties in like sum, who must possess landed properties within the jurisdiction of the court as well as present evidence of tax clearance in the state.
Justice Hassan also ordered the accused persons to deposit their passports with the court pending the outcome of the case.
The accused were arraigned before Justice Hassan on June 28, on a 17-count of conspiracy, unlawful retention of proceeds of theft and money laundering.
Fani-Kayode, who acted as the Director, Media and Publicity for former President Goodluck Jonathan’s presidential campaign in the 2015 general election, was accused of conspiring with the others to directly and indirectly retain various sums which the EFCC claimed they ought to have reasonably known were proceeds of theft.
The offences were allegedly committed between January 8 and March 25, 2015 in the build-up to the general elections.
But the defendants pleaded not guilty to the charges.
The EFCC says it intends to invite 17 witnesses during the trial.
Justice Hassan adjourned till October 19, 2016 for the prosecution to open its case.