The Federal High Court in Lagos has granted a N50m bail to the immediate-past Governor of Ekiti State, Mr Ayodele Fayose, who is facing N2.2bn fraud charges.
Justice Mojisola Olatoregun, on Wednesday, granted Fayose bail with two sureties in like sum.
The judge said one of the sureties is to sign N50m bond from a reputable bank; while the other must own a landed property within Lagos.
The sureties are to show evidence of three years’ tax clearance.
Fayose was directed to deposit his passport in the court’s custody pending the outcome of the case.
The judge ordered that the ex-governor should be remanded in the prison custody until he meets the bail conditions.
She adjourned till November 19, 2018 for the commencement of trial, stressing that the trial would be conducted on a day-to-day basis.
Earlier while moving the application for Fayose’s bail, the defence counsel, Chief Kanu Agabi (SAN), had urged Justice Olatoregun to admit the ex-governor to bail on self-recognizance.
Agabi urged the judge to note that Fayose submitted himself to the Economic and Financial Crimes Commission, saying there was no fear that his client would jump bail and abscond.
But the prosecuting counsel for the EFCC, Mr Rotimi Jacobs (SAN), countered Agabi’s application, saying even though Fayose submitted himself to the EFCC, he was accompanied to the anti-graft agency’s office by aggressive hoodlums, who could have attacked EFCC officials.
Jacobs added that the EFCC was still searching for some other properties allegedly acquired by Fayose with fraud proceeds, saying releasing the ex-governor on bail would frustrate further investigation.
The judge, however, admitted Fayose to bail.