A Federal High Court sitting in Lagos State has conceded bail to the Speaker of the Ogun State House of Assembly, Olakunle Oluomo, in the amount of N300m with two guarantees in like sum.
Justice Daniel Osiagor on Tuesday conceded bail following no objections from the EFCC.
We have earlier reported that the Speaker was arraigned over supposed N2.5bn money laundering charges.
The counsel for the Economic and Financial Crimes Commission, Rotimi Oyedepo had let the court know that he would leave the issue of bail exclusively to the discretion of the court.
The counsel to the Speaker, Kehinde Ogunwumiju (SAN), on his part requested that the court concede his bail on liberal terms.
In conceding bail to the Speaker, Justice Osiagor held that one of his guarantees should be at the very least a level 16 official in the Civil Service while the other should have landed property within the courts jurisdiction.
The court conceded the second and third respondent bail in the amount of N100m with two guarantees also in like sum.
One of their guarantees should not be below a level 14 Officer in the Civil Service. The other must likewise have landed property within the court’s jurisdiction.
Every one of the guarantees is to have a three-year tax clearance and swear to an affidavit of means.
All defendants are expected to give their travel documents to the registrar of the court.
Until when they meet their bail conditions, the defendants will be remanded in the custody of the EFCC for seven days, after which they will be moved to the Abeokuta Division of the court for further orders on their remand.