A Federal High Court sitting in Ikeja, Lagos State has granted bail to a former Minister of Aviation in the past administration, Chief Femi Fani-Kayode, in the sum of N250million.
Fani-Kayode is being prosecuted by the Economic and Financial Crimes Commission, EFCC, for an alleged fraud of N4.9bn.
While granting the bail, Justice Muslim Hassan ordered the defendant to provide two sureties in like sum and also deposit his passport in the custody of the court pending the outcome of the case.
The sureties, the court said, must be owners of landed properties within the court’s jurisdiction.
The sureties were to also present evidence of tax clearance in the state.