A Federal High Court in Lagos on Thursday granted N50 million bail to a former attorney-general of Lagos State, Olasupo Shasore, following his arraignment for alleged money laundering.
Shasore served as the attorney-general of Lagos State and commissioner for justice during the tenure of Babatunde Fashola as governor.
The Economic and Financial Crimes Commission (EFCC) arraigned him before Justice Chukwujekwu Aneke on a four-count charge bordering on money laundering.
The prosecution accused the defendant of inducing Olufolakemi Adetore to accept cash payment without going through a financial institution.
He, however, pleaded not guilty to the charges.
After his plea, the prosecutor, Bala Sanga, urged the court to order a remand of the defendant in custody pending trial.
However, the defence counsel, C.A Candide-Johnson (SAN) who appeared with Messrs Muiz Banire (SAN), Adesegun Adebola (SAN) and Chijioke Okoki (SAN), prayed the court to allow the defendant bail on his self-recognisance.
The defence counsel averred that the defendant personally walked into the court for his arraignment without any reminder, compulsion or force.
He also informed the court that the defendant had cooperated with the anti-graft agency whenever required, as he had always made himself as well as documents requested from him available whenever required.
Besides, the defence counsel added that investigation of the matter had been on since the past three years, adding that the defendant is not a flight risk.
He, therefore, urged the court to exercise its discretion in favour of defence.
The prosecutor, on his part, said that he was not opposed to bail; but added that the concern of the prosecution is only for the defendant to be available to stand trial as lawfully required.
The court ruled that the defendant is admitted to bail in the sum of N50 million with one surety in like sum.
The surety must be a serving director or a permanent secretary in the service of the federation or the Lagos State Government.
The surety is to produce two copies each of his or her recent passport photographs and evidence of payment of tax or tax clearance.
“The defendant’s international passport with the complainant shall be deposited with the registrar of this court pending trial,” the court ruled.
The judge did not give any remand order. He thereafter adjourned the case until November 24 for trial.
The EFCC alleges that the defendant made a cash payment of $100,000 to Ikechukwu Oguine without going through a financial institution.