Justice Nnamdi Dimgba of the Federal High Court, Abuja, has granted bail to Abiodun Agbele, an ally of Governor  Ayodele Fayose of Ekiti, in the sum of N500 million for alleged money laundering.

The judge also ordered the applicant to produce two sureties in the sum of N250 million each, who must own properties within the FCT or in the Ikeja or Victoria Island areas of Lagos State.

He said that the sureties could be private businessmen, professionals or civil servants, adding that if in the civil service, he must not be less than the rank of a director.

Dimgba, while granting the accused bail, said that the prosecution could not substantiate its claim that the defendant would jump bail.

“Taking a holistic appraisal of all the materials before me, I am not convinced that the prosecution has provided sufficient evidence as to stop the court from exercising its jurisdiction to grant bail.

“I hold, therefore, that I am inclined to admit the defendant to bail and I so admit him,” Dimgba declared.

The judge held that Agbele would forfeit the N500 million to the Federal Government if he jumps bail, while ordering the defendant to deposit his international passports with the registrar of the court and must not travel abroad without the permission of the court.

He further said that the trial shall be accorded accelerated hearing and the defendant would remain in prison custody until he perfected his bail conditions.

The case was adjourned till October 26 and 27 for hearing.

Agbele was arraigned by the Economic and Financial Crimes Commission (EFCC) on Wednesday on an 11-count charge bordering on money laundering, to which he pleaded not guilty.

He and four others – still at large – are standing trial for conspiring among themselves to commit an illegal act to launder N4.6 billion transferred from the Office of the National Security Adviser, NSA.

The others charged with Agbele were Musliu Obanikoro, Lt. A. O Adewale, Tunde Oshinowo, Olalekan Ogunseye, and Sylvan Mcnamara Limited.