An Ekiti State High Court on Friday granted the Olukere of Ikere-Ekiti, Oba Ganiyu Ayodele Obasoyin, bail in the sum of N5m.
He is also expected to provide two sureties.
The monarch has been in prison for about two months for alleged murder.
Justice Abiodun Adesodun while ruling on the bail application filed by the Olukere said the application had merit and subsequently granted the defendant bail.
Apart from the N5m bail bonds to be fulfilled by the monarch, Justice Adesodun ruled that the two sureties must swear to affidavits and produce evidence of three years tax payment.
The Judge held that one of the sureties must produce evidence of land ownership within the jurisdiction of the court.
Although the judge noted that the offences for which the Olukere was charged were grievous in nature, he held that the monarch was entitled to bail and resolved the request for bail in his favour.
Olukere’s lead counsel, Morakinyo Ogele, said: “This ruling is symbolic and historic. Symbolic in the sense that it is in favour of justice and historic in the sense that it will enter into the judicial history of Ekiti.
“We believe that will be done eventually in this case.”