The Federal High Court sitting in Ilorin has granted bail in the sum of two hundred million naira to the immediate past Commissioner for Finance in Kwara State, Alhaji Ademola Banu standing trial for money laundering to the tune of over four hundred million naira.
The Ilorin Zonal Office of the Economic and Financial Crimes Commission ( EFCC) had on the 29th of January 2020 arraigned Banu and one Olarewaju Adeniyi before Justice Babangana Ashigar’s Court on a nine count charge bordering on money laundering.
In the charge sheet , Olarewaju Adeniyi, Ademola Banu and Travel Messenger Limited were alleged to have from January to December 2018 in Ilorin conspired to commit an offence and conversion of the sum of #411,000,000.00 ( four hundred and eleven million naira).
The offence was contrary to section 18(a) of the money laundering (prohibition) (amendment) act, 2012 which is punishable under section 15(3) and (4) of the same act .
Ruling on the bail application, Justice Ashigar said the first and second defendant were admitted to bail in the sum of two hundred million naira with one surety in like sum.
The held that the surety is to have a landed property in Ilorin and must submit the certificate of occupancy ( C of Os) to the registrar of this honourable Court which should be verified by the EFCC .
The Judge ordered the accused persons to deposit their international passports including other travel documents and must not travel out of the Country without the permission of the court pending the hearing and determination of the case.
Justice Ashigar further directed the Ex-Kwara Commissioner for Finance and other Defendants in the matter to remain in the Custody of the Economic and Financial Crimes Commission in Ilorin until they perfect their bail conditions.
The case has been adjourned till 24th February 2020 for commencement of trial.