N30.8bn Fraud: Fayose Gets N50million Bail

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The former Governor of Ekiti state has been granted bail in the sum of N50million by Justice Mojisola Olatoregun of the Federal High Court, Lagos diversion in his ongoing trial over allegations of fraud and money laundering.

The former governor is also expected to produce two sureties who must possess three years tax clearance and must issue a N50million bond in a reputable bank, while Fayose was ordered to deposit his international passport with the court.

The court handed down the ruling after taking submissions from the counsels representing Fayose and the Economic and Financial Crimes Commission (EFCC).

The trial court had on Monday adjourned till Wednesday, hearing of Fayose’s bail application after he was formally arraigned on an 11 count charges bothering on fraud and money laundering alongside his company, Spotless Limited by the EFCC.

Kanu Agabi SAN who represented Fayose at the bail hearing had sought the court to grant him bail on self-recognizance, on the grounds that he had voluntarily submitted himself to the anti-graft agency upon the expiration of his tenure and immunity as the governor of Ekiti state.

The EFCC however objected to this submission on the grounds that Fayose had arrived and submitted himself at the EFCC headquarters in copany of hoodlums who were willing to attack the EFCC officials.

Among those listed as prosecution witnesses in the matter is the former Minister of State for Defense, Senator Musiliu Obanikoro, former Group Managing Director of Diamond Bank Plc., Alex Otti and 20 others.

Fayose had pleaded not guilty to all the charges read against him.

In one of the charges, Fayose and Abiodun Agbele, who are currently facing a related charge, were accused to have taken possession of N1.219billion to fund the 2014 gubernatorial campaign in Ekiti state, an offence contrary to Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) and (4) of the same Act.

Fayose was on June 17, 2017 accused of receiving cash payment in the sum of $5million, without going through any financial institution, from Senator Obanikoro, the sum which exceeded the amount authorized by law.

The charge reads in part;

“That you MR. AYODELE FAYOSE on or about 7th April, 2015 in Lagos, within the jurisdiction of this Honourable Court, did retain in your fixed deposit account No: 9013074033 with Zenith Bank Plc, the sum of N300, 000, 000.00 (Three Hundred Million Naira) which sum you reasonably ought to have known formed part of proceeds of an unlawful act, to wit: criminal breach of trust/stealing and you thereby committed an offence contrary to Section 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15 (3) of the same Act.

“That you MR. AYODELE FAYOSE and SPOTLESS LIMITED between 17th June, 2014 and 4th August, 2014 in Lagos, within the jurisdiction of this Honourable Court, took control of an aggregate sum of N317, 000, 000.00 (Three Hundred and Seventeen Million Naira) by depositing same into the Zenith Bank Plc’s Account No: 1010170969 belonging to SPOTLESS INVESTMENT LIMITED, a company controlled by you and members of your family and which sum you reasonably ought to have known formed part of proceeds of an unlawful act, to wit: criminal breach of trust/stealing and you thereby committed an offence contrary to Section 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15 (3) of the same Act.”

“That you MR. AYODELE FAYOSE between 26th June, 2014 and 27th August, 2014 in Lagos, within the jurisdiction of this Honourable Court, took control of an aggregate sum of N305, 760, 000.00 (Three Hundred and Five Million, Seven Hundred and Sixty Thousand Naira) in your Zenith Bank Account No: 1003126654 which sum you reasonably ought to have known formed part of proceeds of an unlawful act, to wit: criminal breach of trust/stealing and you thereby committed an offence contrary to Section 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15 (3) of the same Act.

“That you MR. AYODELE FAYOSE between 18th June, 2014 and 23rd June, 2014 within the jurisdiction of this Honourable Court, did procure DE-PRIVATEER LIMITED and one ABIODUN AGBELE to retain in their Account No: 1013835889 domiciled with Zenith Bank Plc, Apapa branch, Lagos, an aggregate sum of N719, 490, 000.00 (Seven Hundred and Nineteen Million, Four Hundred and Ninety Thousand Naira) on your behalf, which sum formed parts of proceed of an unlawful act, to wit: criminal breach of trust/stealing and you thereby committed an offence contrary to Section 18 (c) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15 (3) of the same Act”.

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