By Abdulwahab Abdulah & Oamen Areguamen

LAGOS – Justice Habeeb  Abiru of an Ikeja High Court, yesterday, granted bail to the embattled former Chief Executive Officer of Intercontinental Bank Plc, Dr. Erastus Akingbola in the sum of N100 million with two sureties in the like sum.

He is standing trial  over alleged N47.1 billion theft  brought against him by the Economic and Financial Crimes Commission, EFCC.

Others standing trial with him are Mr. Bayo Dada, who also got bail in the sum of N50 million with two sureties in like sum.

The duo of Akingbola and Dada had pleaded not guilty to the charges and were remanded in Kirikiri Maximum Prison, pending hearing of their bail applications.

In his short ruling, Justice Abiru,  who reviewed the arguments by counsel on the bail application, said granting bail to the applicants was an exclusive preserve of the court,  which can grant bail on its discretion based on the facts before the court, adding that he granted the bail based on the fact that a court of similar jurisdiction had granted them bail.

The court ordered that the sureties must be resident in Lagos and have landed property in Lagos. Apart from this, the court ordered that the sureties are to show an identifiable means of income, which must be verified by an  EFCC, official or police officer not below the rank of a Sergeant.

The court said that the sureties must  produce evidence of payment of tax to Lagos State for three years, which is to be verified by the Lagos State Internal Revenue Service.

They were also restrained from travelling out of the country without the express permission of the court.


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