N1.2 billion fraud: Fayose finally regains his freedom

AFTER five days in EFCC custody, embattled former Governor of Ekiti State, Ayodele Fayose on Monday finally regained his freedom after meeting his bail conditions.

Fayose was remanded in EFCC custody on the orders of Justice Mojisola Olatoregun of a Federal High Court Lagos after he pleaded not guilty to money laundering charges brought against him by the Economic and Financial Crimes Commission (EFCC).

The former Governor was granted bail of N50 million with one surety who was required to provide a minimum of three years tax clearance, while he was also to sign an undertaking promising not to tamper with the trial. In addition, he was also required to submit his international passport to the Chief Registrar of the court.

TribuneOnline gathered that Fayose arrived at the premises of the court at about four pm to sign his bail bond.

The former Governor’s trial is to begin on the 19th of November.

According to EFCC, Fayose was said to have taken possession of the sum of N1.2 billion, for purposes of funding his gubernatorial election campaign in Ekiti State, which sum he reasonably ought to have known formed part of crime proceeds.

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Fayose was also alleged to have received a cash payment of the sum of five million dollars, (about N1.8 billion) from the then Minister of State for Defence, Sen. Musiliu Obanikoro, without going through any financial institution and which sum exceeded the amount allowed by law.

He was also alleged to have retained the sum of N300 million in his bank account and took control of the aggregate sums of about N622 million which sum he ought to have known formed part of crime proceeds.

The Ex-Governor was alleged to have procured De Privateer Ltd and Still Earth Ltd, to retain in their Zenith and FCMB accounts, the aggregate sums of N851 million.

He was alleged to have used the aggregate sums of about N1.6 billion to acquire properties in Lagos and Abuja.

The former Governor was also alleged to have used the sum of N200 million, to acquire a property in Abuja, in the name of his elder sister, Moji Oladeji, which sum he ought to know also forms crime proceeds.