Innocent Anaba
1 January 2009
Lagos — Former Minister of Aviation, Mr Femi Fani-Kayode, who is facing a 47-count charge of money laundering before a Federal High Court sitting in Lagos, got a reprieve yesterday as he was granted bail in the sum of N600 million.
Fani-Kayode is also standing trial for making financial transaction exceeding N500,000 which was not done through a financial institution and paying same into his personal investment account, totalling over N231 million.
Fani-Kayode, according to the bail condition, should not travel outside the country until the conclusion of the charge brought against him by the Economic and Financial Crimes Commission (EFCC).
Delivering his ruling on the application for bail, Justice Ramat Mohammed, after reviewing arguments by counsel, said: "It should be borne in mind that the sole purpose of bail is for the accused person to come back to face the trial and from the facts before the court, I agree that the applicant (Fani-Kayode) is entitled to bail.
"The applicant (Fani-Kayode) is hereby admitted to bail in the sum of N200 million and two sureties in like sum. One of the sureties must own landed property in Ikoyi, Victoria Island or Lekki areas of
Lagos and must deposit the title deed of the property with the court," the court said.
It further ordered that "the second surety must be a Civil Servant, not below the rank of Director in the State or Federal Civil Service and the two sureties must swear to an affidavit of means."
The court further ordered as part of the bail condition, that Fani-Kayode must not travel outside the country pending the conclusion of the charge, while the bail conditions must be verified by an official of the court.
The court then adjourned till January 28, 2009, for full trial in the matter.
In his review of arguments for the bail application, the judge said: "It would appear that he (Fani-Kayode) hinged his application for bail on the fact that he had earlier been arrested by the EFCC and charged before an Abuja Magistrate Court and admitted to bail by the Magistrate Court, yet he did not jump bail, until the matter was dismissed by the court and even though he was arrested by EFCC, he was admitted to bail, until he was re-arrested.
"The respondent (EFCC) had argued that the offences contained in the charge are weighty and that the applicant (Fani-Kayode) is likely to interfere with the witnesses if admitted to bail as most of the witnesses are his employees, who are now at large, as he is the only person who could reach them, hence the bail application should be refused.
"The court will, however, observe that the respondent (EFCC) did not controvert the deposition of the applicant (Fani-Kayode), that he was arrested, charged to court in Abuja and granted bail and he (applicant) did not jump bail, until the court dismissed the charge, so counsel to the applicant in his deposition, deposed to facts he got to know through personal knowledge, as he was with the applicant when he was earlier charged before the Magistrate Court in Abuja.
"Another major reason by the respondent (EFCC) is that the applicant (Fani-Kayode) will interfere with the trial, yet the EFCC had averred in its counter-affidavit that it wants accelerated hearing, which means that it had concluded its investigation. None of the offences carries capital punishment, even though it is weighty."
The court consequently held that Fani-Kayode had placed enough materials before the court to warrant the court exercising its discretion in his favour and subsequently granted him bail.
Fani-Kayode, according to the charge brought against him, was alleged to have on or about November 22, 2006, whilst serving as Minister of Aviation, made a financial transaction exceeding N500,000, which was not done through a financial institution by accepting cash payment of N10m, which was further carried in cash to a bank, through one Mark Ndifreke (your close associate now at large) and put in an investment account in your favour for 90days contrary to Section 15(1)(d) and punishable under section 15(2)(b) of the Money Laundering (Prohibition) Act 2004.
•That on or about November 22, 2006, whilst serving as Minister of Aviation, made a financial transaction exceeding N500,000, which was not done through a financial institution by accepting cash payment of N15m, which was further carried in cash to a bank, through one Mark Ndifreke (his close associate now at large) and put in an investment account in your favour for 90days contrary to Section 15(1)(d) and punishable under section 15(2)(b) of the Money Laundering (Prohibition) Act 2004.
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