Thursday, November 10, 2016

Court Grants Femi Fani-Kayode N50m Bail over Alleged N26m Money Laundering Fraud

Today, The Federal High Court in Abuja has admitted Femi Fani-Kayode to bail in the sum of N50 million and one surety in like sum.


The court, however, remanded him in Kuje Prison pending the perfection of his bail condition.

Fani-Kayode was arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice John Tsoho on a fresh five-count charge bordering on money laundering.

The ex-aviation minister was accused of allegedly collecting N26 million from the office of the former National Security Adviser, Sambo Dasuki and using the money for media campaign.

Count two of the charge read: “You, Femi Fani-Kayode, converted N26 million cash paid from the office of the National Security Adviser for the purpose of media campaign. You ought to have reasonably known that the said funds formed part of an unlawful act contrary to section 15 (2) (b) of the Money Laundering Act.”

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