KWARA, Nigeria – Former finance commissioner in Kwara state who is standing trial for money laundering, Ademola Banu, was Monday granted N200m bail by a Federal High Court sitting in Ilorin.
Banu who is standing trial for alleged money laundering to the tune of N411m got solidarity support by his family members and associates who filled the court premises chanting solidarity songs in his praise.
The Ilorin Zonal office of the Economic and Financial Crimes Commission had January 29,2020, arraigned Banu and one Olarewaju Adeniyi before Justice Babagana Ashigar’s court on a nine count charge bordering on money laundering.
Count one of the charge sheet read, “That you, Olarewaju Adeniyi, Ademola Banu and Travel Messenger limited, between January to December 2018, in Ilorin within the jurisdiction of this honourable court, conspired among yourselves to commit an offence, to with; conversion of the sum of N411m only, property of the Kwara state government, which sum you reasonably ought to know was derived from fraud, and thereby committed an offence contrary to Section 18 (a) of the money laundering (prohibition) Amendment Act 2012 and punishable under Section 15(3) and (4) of the same Act.”
Ruling on the bail application, Justice Ashigar admitted the first and second defendants to bail in the sum of N200m with one surety in like sum.
He said “The surety must have a landed property in Ilorin and submit the certificate of occupancy (CoOs)to the registrar of this honorable court which should be verified by the EFCC.”
Justice Ashigar also ordered the accused persons to deposit their international passports including other travel documents, and must not travel out without the permission of court pending the hearing and determination of the case.
” The two defendants are also to remain in the custody of the anti-graft agency until they perfect their bail conditions,”the trial judge further directed, as he adjourned the case till February 24, 2020 for commencement of trial.