Justice Muslim Hassan of a Federal High Court in Lagos has granted bail in the sum of N250 million to a former Minister of Aviation, Femi Fani-Kayode, who is being tried by the Economic and Financial Crimes Commission (EFCC) for an alleged fraud of N4.9bn, PUNCH reports.
Fani-Kayode was granted bail together with a former Minister of State for Finance, Nenadi Usman, and one Danjuma Yusuf.
The fourth defendant in the charge is a company, Joint Trust Dimension Nigeria Limited.
The court granted the bail with two sureties in like sum who must be owners of landed properties within its jurisdiction. They are also to present evidence of tax clearance in the state.
The accused were on June 28, 2016 arraigned before Justice Hassan on 17 counts bordering on conspiracy, unlawful retention of proceeds of theft and money laundering. EFCC held that to have allegedly committed the offences between January 8, 2015 and March 25, 2015 in the build-up to the general elections.