N4.9b fraud: Fani-Kayode, others get N250m bail

Femi Fani-Kayode, former Aviation minister in court premises with former finance minister, Nemandi Usman

– Femi Fani-Kayode one time aviation minister has been granted bail in the sum of N250million

– A Federal High Court sitting in Lagos granted him and others charged along with him the bail

– The former spokesperson of the Goodluck Jonathan 2015 re-election presidential committee was being tried by the Economic and Financial Crimes Commission (EFCC) for an alleged fraud of N4.9billion

While reporting the news, Nigerian Bulletin simply put it as, ‘EFCC has granted spokesperson of the Goodluck campaign bail in the sum of N250million.’

It was as if Fani-Kayode’s case would not go on for long because it was a few days ago that the court ordered that Fani-Kayode; former finance minister, Nenadi Usman, and Danjuma Yusuf to remain in prison custody until today, Monday, July 4, that the court granted them bail.

Daily post as well as The Punch reported that, Justice Muslim Hassan ordered the defendant to provide two sureties in like sum and also deposit his passport in the custody of the court pending the outcome of the case.

The sureties were to be owners of landed properties within the court’s jurisdiction, which is Lagos state.

The sureties in addition were to come with evidence of tax clearance in the state before the court

Nemandi Usman, an ex finance minister and one Danjuma Yusuf, who were standing trial along with Fani-Kayode, were also granted bail.

Joint Trust Dimension Nigeria Limited, a company was joined as the 4th defendant in the trial.

The accused were arraigned on Tuesday, June 28 before Justice Hassan on 17 counts bordering on conspiracy, unlawful retention of proceeds of theft and money laundering.

The ex aviation minister was former President Goodluck Jonathan’s campaign organisation spokesperson in the 2015 presidential elections.

Fani-Kayode was accused of colluding with the others to directly and indirectly holding onto different amounts of money which the anti-graft agency said they simply should have known were proceeds of stolen funds.

The PDP stalwart and others were said to have allegedly committed the offences between January 8, 2015 and March 25, 2015 in the build-up to the general elections.

In one of the counts, the anti-corruption body alleged that Fani-Kayode, who was listed as the 2nd defendant in the charge sheet, and his co-defendants colluded among themselves to “indirectly  retain the sum of N1,500, 000,000.00, which sum you reasonably ought to have known formed part of the proceeds of an unlawful act to wit: stealing.”

The EFCC prosecutor, Rotimi Oyedepo, had told the court that the said conspiracy and indirect retention of the N1.5billion amount to an offence under Section 18(a) of the Money Laundering (Prohibition) (Amendment) Act, 2012, punishable  under Section 15(3)( 4) of the same Act.

In the other count, the anti-graft agency alleged that the former aviation minister “directly retained the sum of N350m,” which the anti-graft agency claimed that he ought to have “reasonably known formed part of proceeds of an unlawful act to wit: stealing.”

The former spokesman of the PDP presidential campaign committee was accused of directly using parts of the money at various times, including between March 20 and 25, 2015, when he allegedly used N250,650,000.00 out of the money.

Fani-Kayode was likewise accused of making a cash transaction of N24m with one Olubode Oke, said to still be at large, on February 12, 2015 “to Paste Poster Co  of 125, Lewis Street, Lagos Island.”

Fani-Kayode and Oke were said to have made the transaction without going through any financial institution, an act the EFCC claimed was contrary to sections 1(a) and 16(d) of the Money Laundering (Prohibition) (Amendment) Act, 2012 and punishable  under Sect