By Innocent Anaba

lagos-A Federal High Court sitting in Lagos, Wednesday, admitted to bail, a Lagos businessman and Chairman of AG Moeller Limited, Mr. Adeloye Olukemi, arraigned on a five count charge of conspiracy and illegal transaction of about N140 million without a valid licence by the Central Bank of Nigeria, CBN, against him by the Federal Government.

He was first arraigned on February 15 and after he pleaded not guilty to the charge, he was remanded in Ikoyi prison, Lagos, by trial judge, Justice Okechukwu Okeke.

He was arraigned alongside his company, AG Moeller Limited and they were alleged to have committed the said offence on March 29, 2007, which is punishable under section 517 of the criminal code Act, Cap C38 , Laws of the Federation of Nigeria, 2004.

His counsel, yesterday, withdrew his earlier application seeking to quash the charge to pave way for the hearing of  the  application for bail.

His counsel the court to admit him to bail on liberal terms since, the offence was bailable and the accused was a responsible member of the society and will attend his trial.

Prosecuting counsel opposed the bail application, contending that the accused was likely to jump bail since the offence, which he was charged with, carried a heavy sentence on conviction without an option of fine.
The court in its ruling admitted the accused to bail in the sum of N10milion with a surety in like sum.

The surety, the court said must be owner of a property in Lekki, Ikoyi, Victoria Island and Ikeja GRA, in an alternative a Lagos or federal civil servant not below grade 14, who is to deposed an affidavit of means, a two passport photograph and  tax clearance certificate.