The Federal High Court in Lagos on Tuesday granted bail in the sum of N250 million each to Gbenga Makanjuola, an aide to Senate President Bukola Saraki and others, standing trial alongside over N3.5 billion embezzlement.
This came after defence counsel, Mr Paul Erekoro, had argued the bail application on behalf of the accused, stating that he will be available to stand trial.
The presiding judge, Justice Babs Kuewumi held that as a matter of law, the court possessed discretion in granting bail, which must be exercised judicially and judiciously, ChannelsTV writes.
The Economic and Financial Crimes Commission (EFCC) had proffered an 11-count fraud charge against Makanjuola, a Deputy Chief of Staff to Saraki, Melrose General Services Limited, and Obiorah Amobi.
According to the EFCC, the accused conspired to disguise the unlawful origin of the sum of N3.5 billion paid into the account of Melrose General Services Ltd and therefore committed an offence contrary to section 18 of the money laundering Prohibition act and punishable under section 15(3) of the same act
All the accused had earlier pleaded not guilty to the charges.
Justice Babs Kuewumi adjourned the case to December 4 for trial.