Court Grants N50 Million Bail To Fayose

Former Governor of Ekiti State Ayodele Fayose,  has been granted bail in the sum of N50 million.

Fayose’s bail application was granted during his second appearance before the Federal High Court sitting in Ikoyi, Lagos, on today (Wednesday). However his appearance before the court today lasted less than 30 minutes.

Recall that Fayose on Monday pleaded not guilty to the charges read against him in court and was thereafter denied bail.

In addition to the bail bond (money), the presiding judge, Justice Mojisola Olatoregun also asked him to provide a surety who must have landed property in Lagos. The guarantor is also required to have three-year tax clearance in Lagos.

She added that the surety must present a bond of N50 million from a reputable insurance company or a first line bank, acceptable to the court.

The judge also made it mandatory for Fayose to ensure that he attends court for his trial proceedings otherwise, the bond would be forfeited.

The court ordered that the international passport of the accused should be deposited in the court’s registry.

The case was then adjourned til Nov. 19 for trial.

Fayose is facing an 11-count charge bothering on money laundering and other crimes levied aginst him by the Economic and Financial Crimes Commission EFCC.

According to EFCC, the former governor acquired properties with the proceeds of alleged laundered funds.

The commission also claims Fayose received ₦1.2 billion as proceeds from an unlawful act to fund his 2014 governorship campaign in Ekiti State.