BREAKING NEWS: Fayose gets N50 million bail
A former governor of Ekiti State, Ayodele Fayose, has been granted N50 million bail by the federal high court in Lagos. Fayose is being prosecuted by the Economic and Financial Crimes Commission (EFCC) alongside his company, Spotless Investment Ltd on an 11-count charge of N30.8 billion fraud. He however, pleaded not guilty of the offences. […]
File: Fayose pleads not guilty as Court remands him in EFCC custody
A former governor of Ekiti State, Ayodele Fayose, has been granted N50 million bail by the federal high court in Lagos.
Fayose is being prosecuted by the Economic and Financial Crimes Commission (EFCC) alongside his company, Spotless Investment Ltd on an 11-count charge of N30.8 billion fraud.
He however, pleaded not guilty of the offences.
Morenikeji Olatoregun, the presiding judge, granted the bail on Wednesday.
The Charges
According to the charge, on June 17, 2014, Fayose and Agbele were said to have taken possession of the sum of N1.2 billion for purposes of funding his gubernatorial election in Ekiti State which sum they reasonably ought to have known formed part of crime proceeds.
Fayose was alleged to have received a cash payment of the sum of five million dollars, (about N18 billion) from the then Minister of State for Defence, Sen. Musiliu Obanikoro, without going through any financial institution and which sum exceeded the amount allowed by law.
He was also alleged to have retained the sum of N300 million in his Zenith Bank account and took control of the aggregate sums of about N622 million which sum he ought to have known formed part of crime proceeds.
Fayose was alleged to have procured De Privateer Ltd and Still Earth Ltd, to retain in their Zenith Bank and the FCMB accounts, the aggregate sums of N851 million which they reasonably ought to have known formed part of crime proceeds.
Besides, the accused was alleged to have used the aggregate sums of about N1.6 billion to acquire properties in Lagos and Abuja, which sums he reasonably ought to have known formed part of crime proceeds.
The accused was also alleged to have used the sum of N200 million to acquire a property in Abuja in the name of his elder sister, Moji Oladeji, which sum he ought to know also forms crime proceeds.
The offences, according to the EFCC, contravene the provisions of sections 15(1), 15 (2), 15 (3), 16(2)(b), 16 (d), and 18 (c) of the Money Laundering Prohibition Act 2011.