A Federal high court sitting in Lagos has granted a N300m bail to the speaker of Ogun House of Assembly, Olakunle Oluomo who was arraigned over alleged N2.5bn money laundering charges by the Economic and Financial Crimes Commission.

The EFCC had no objections to Oluomo’s bail on Tuesday, September 6, following no objections from the EFCC.

During the court proceeding, counsel for the Economic and Financial Crimes Commission, Rotimi Oyedepo, said he would leave the issue of bail solely within the discretion of the court.

On his part, Counsel to the Speaker, Kehinde Ogunwumiju (SAN), asked the court to admit his client to bail on liberal terms.

Granting bail to the Speaker, Justice Osiagor held that one of his sureties must be at least a level 16 officer in the Civil Service while the other must possess landed property within the court’s jurisdiction.

The court granted the second and third defendants bail in the sum of N100m with two sureties also in like sum.

One of their sureties must not be less than a level 14 officer in the Civil Service. The other must also possess land property within the court’s jurisdiction.

All the sureties are to possess three-year tax clearance and swear to an affidavit of means. All defendants are also required to deposit their travel documents with the registrar of the court.

Until they meet their bail conditions, the defendants will be remanded in the custody of the EFCC for a week, after which they will be transferred to the Abeokuta Division of the court for further orders on their remand.

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