Alleged N500m Money Laundering: Court Admits 2 Ondo PDP Chieftains to N50m Bail

A Federal High Court in Lagos on Thursday admitted Clement Faboyede and Modupe Adetokunbo, chieftains of the Peoples Democratic Party (PDP), to bail in the sum of N50m each.
Faboyede, the Ondo State Chairman of the PDP, is being prosecuted by the Economic and Financial Crimes Commission (EFCC) on alleged N500m laundering charge.
The EFCC arraigned Faboyede on June 29 alongside Adetokunbo, the Director-General of the party’s Campaign Organisation in the state, during the 2015 general elections.
They are facing a three-count charge bordering on money laundering, and had each pleaded not guilty to the charges.
In granting the defendants bail, the court said there are factors to be considered in deciding a bail application.
It said the factors include the nature of the charge, the severity of the punishment, and the likelihood of the accused committing further offences.
The court held that the sole issue for determination was whether or not, the accused were entitled to bail pending trial, bearing in mind that the essence of bail is to ensure their attendance for trial.
The judge then held that bail was deserving in the circumstances, and consequently, admitted the accused to bail in the sum of N50m each, with one surety each in like sum.
The court held that the sureties must either be federal or state civil servants, not below grade level 15, or must be landed property owners within the court’s jurisdiction.
The sureties were directed to deposit the title documents of the property and two passport photographs each, at the court’s registry, which must be verified.
The accused were also ordered to deposit their international passports at the court’s registry, while the prosecution was given a week to authenticate the documents submitted by the sureties.
The court subsequently, adjourned the case until Sept. 17 for trial.
The accused were said to have committed the offences on March 27, 2015. They were said to have conspired to accept cash payment of the sum of N500m, which exceeded the amount allowed by law, without going through any financial institution.
The offences contravened Sections 16, 16 (2) and 18 of the Money Laundering (prohibition) Act, 2011 (as amended by Act No.1 of 2012).

Author: News Editor

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