N4.9bn Fraud: Court Grants Fani-Kayode Bail

4 July 2016 National

A Federal High Court sitting in Ikeja, Lagos State has granted bail to a former Minister of Aviation in the past administration, Chief Femi Fani-Kayode, in the sum of N250million.

Fani-Kayode is being prosecuted by the Economic and Financial Crimes Commission, EFCC, for an alleged fraud of N4.9bn.

While granting the bail, Justice Muslim Hassan ordered the defendant to provide two sureties in like sum and also deposit his passport in the custody of the court pending the outcome of the case.

The sureties, the court said, must be owners of landed properties within the court’s jurisdiction.

The sureties were to also present evidence of tax clearance in the state.

Also admitted to bail in the same conditions were a former Minister of State for Finance, Nemandi Usman, and one Danjuma Yusuf, who were standing trial along with Fani-Kayode.

The EFCC has listed 17 witnesses it intends to call during trial to substantiate its allegations.


Justice Hassan adjourned till October 19, 2016 for the prosecution to open its case.

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