Justice Lateefat Okunnu of an Ikeja High Court, Lagos, on Wednesday granted bail to an oil marketer, Abdullahi Alao, charged with conspiring with others to commit N1.1 billion fuel subsidy fraud.
Abdullahi, son of a prominent businessman, Alhaji Abdullazeez Arisekola-Alao, was granted bail in the sum of N75 million with two sureties in like sum.
Okunnu also granted bail in the sum of N100 million to Abdullahi’s co-defendant, Olarenwaju Olalusi, a staff of the Sterling Bank Plc.
The judge did not order Olalusi to produce a surety.
She directed that Abdullahi’s sureties must be resident in Lagos State and should be gainfully employed.
?The judge ordered that they must also depose to an affidavit of means.
She added that one of the sureties must own a landed property in Lagos State while the other must be a director in a public or private organisation in Nigeria.
?Okunnu said that the sureties must produce three years’ tax clearance and that their documents should be verified by an officer of the Economic and Financial Crimes Commission (EFCC).
The judge ordered Abdulahi to deposit his international passport and other travelling documents with the chief registrar of the court.
She directed that he must not travel without the court's permission.
The judge also directed him to report once every month to the EFCC office throughout the duration of his trial.
On Olalusi, Okunnu said he would be granted bail on the condition that his employers would provide a N100 million bail bond.
The judge said: “The bond should be backed up with a bank guarantee which is to be deposited with the chief registrar of the court.”
?She also directed Olalusi to deposit his international passport and other travelling documents with the chief registrar, adding that he should not travel without the court's permission.
Okunnu said that Olalusi should also report once every month to the EFCC office throughout the duration of the trial.
The News Agency of Nigeria (NAN) reports that the EFCC arraigned the two men along with Opeyemi Ajuyah, Majope Investment Ltd. and Axenergy Ltd.
The court had on Tuesday granted Ajuyah bail in the sum of N75 million.
The five defendants were charged with defrauding the Federal Government in the guise of importing Premium Motor Spirit on Feb. 14, 2011.
The case was adjourned to Dec. 13 for substantive trial.
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