A Federal High Court, Lagos, Wednesday, granted former Ekiti State Governor,Ayo Fayose, bail.
The bail is coming nine days after he submitted himself to the Economic and financial Crimes Commission (EFCC).
He exited office as the Ekiti State Governor on October 16.
Justice Mojisola Olatoregun, granted bail to Fayose in the sum of N50m with two sureties who are to deposit N50m bond each in a reputable bank.
They were as well asked to provide three years tax clearance.
She also directed that the former Governor to deposit his international passport with the registrar of the court.
Earlier, Kanu Agabi, counsel to Fayose, urged the court to grant bail to his client based on self-recognition on grounds that he voluntarily submitted himself to the EFCC.
But the commission opposed the bail request, saying that on the day Fayose arrived at the EFCC headquarters, he was accompanied by hoodlums, who were willing to attack their officials.
The commission also argued that they are still tracing other properties acquired by the former Governor with the proceeds of the alleged laundered funds.
But in her ruling, she refused the objection of the EFCC and granted the defendant bail.
Fayose is facing an 11-count charge of conspiracy and money laundering amounting to N1.2bn.
The former Governor and his company, Spotless Limited, pleaded not guilty to all the charges.
According to the EFCC, Fayose received N1.2bn to fund his 2014 gubernatorial campaign in Ekiti State, money, the anti-graft commission said he ought to know formed part of proceeds of an unlawful act.