A Federal High Court in Lagos, on Wednesday, granted bail in the sum of N50 million to the immediate past governor of Ekiti State, Ayodele Fayose, charged with N6.9billion electioneering campaign fund fraud.
Fayose was on Oct. 22 arraigned on 11-count charge by the Economic and Financial Crimes Commission (EFCC), alongside his company, Spotless Investment Ltd.
He pleaded not guilty to the charges and the court ordered his remand in EFCC custody and adjourned the case for hearing of his bail application.
On Wednesday, defence counsel, Mr Kanu Agabi (SAN), a former Attorney General of the Federation, moved a motion for bail of the accused before the court.
Agabi said that there was a presumption of innocence of an accused until guilt was established, adding that the ex-governor was very eager to see the conclusion of the case before the court and so, would not jump bail.
He told the court that Fayose willfully submitted himself to the EFCC immediately after leaving office as governor, which showed his readiness to face the charge.
The defence counsel urged the court to grant bail to the accused on self recognisance as a former governor.
However, the prosecutor Mr Rotimi Jacobs (SAN), objected to the application and informed the court that a counter affidavit in opposition to bail had been filed.
Jacobs said that although bail is a constitutional right but there are limitations.
“The issue of presumption of innocence has to do with trial, and for now, no one is saying he is guilty,” he said.
The EFCC counsel said that the prosecution was also eager for an accelerated hearing of the case and urged the court to order an accelerated trial.
Jacobs also opposed the application for bail on self recognisance, on the grounds that being a former governor was not a yardstick for granting bail, as it does not guarantee attendance of the accused in court.
He expressed concern that intelligence reports revealed that the accused would interfere with witnesses and proceedings and may jump bail if granted.
He urged the court to refuse bail on his laid down arguments
In a short ruling, Justice Mojisola Olatoregun noted that the allegations preffered by prosecution in its counter affidavit were grave, but that the accused would be given a benefit of doubt.
The court consequently held “the defendant is admitted to bail in the sum of N50 million with one surety in like sum.”
She added that the surety is to present a bond of N50 million from a reputable insurance company or a first line bank which is acceptable by the court.
The judge held that there must also be the production of three years tax clearance, while the accused must ensure he attends court for trial unfailingly, otherwise, the bond would be forfeited.
The court ordered that the international passport of the accused should be deposited in the court’s registry.
She adjourned the case until Nov. 19 for trial.
According to the charge, on June 17, 2014, Fayose and Agbele were said to have taken possession of the sum of N1.2 billion for purposes of funding his gubernatorial election campaign in Ekiti State, which sum they reasonably ought to have known formed part of crime proceeds.
Fayose was alleged to have received a cash payment of the sum of five million dollars, (about N1.8 billion) from the then Minister of State for Defence, Sen. Musiliu Obanikoro, without going through any financial institution and which sum exceeded the amount allowed by law.
He was also alleged to have retained the sum of N300 million in his Zenith Bank account and took control of the aggregate sums of about N622 million which sum he ought to have known formed part of crime proceeds.
Fayose was alleged to have procured De Privateer Ltd and Still Earth Ltd, to retain in their Zenith and FCMB accounts, the aggregate sums of N851 million which they reasonably ought to have known formed part of crime proceeds.
Besides, the accused was alleged to have used the aggregate sums of about N1.6 billion to acquire properties in Lagos and Abuja, which sums he reasonably ought to have known formed part of crime proceeds.
The accused was also alleged to have used the sum of N200 million to acquire a property in Abuja, in the name of his elder sister Moji Oladeji, which sum he ought to know also forms crime proceeds.
The offences contravened the provisions of Sections 15(1), 15 (2), 15 (3), 16(2)(b), 16 (d), and 18 (c) of the Money Laundering Prohibition Act 2011. (NAN)
