Lagos -An Ikeja High Court in Lagos, Monday,  granted bail to a former Managing Director of  Intercontinental Bank Plc, Erastus Akingbola and his associate, Bayo Dada.

The accused persons were arraigned before Justice Habeeb Abiru by the Economic and Financial Crimes Commission (EFCC) on a 22-count charge bothering on stealing and conspiracy to commit felony.

At their arraignment on May 31, the EFCC had alleged that Akingbola conspired with his wife, Anthonia (now at large) and Dada to steal over N47.1 billion belonging to the bank.

The News Agency of Nigeria, NAN,  reports that the judge, in his ruling on the bail applications, granted Akingbola bail in the sum of N100 million with two sureties in like sum.

Dada was granted a N50 million bail with two sureties in like sum.

Abiru said that the sureties must be resident in Lagos and must own landed properties which should be verified by an official of the Lagos State Land Registry.

The sureties, according to him, must produce evidence of means to be verified by the EFCC official or a police officer not below the rank of Sergeant.

They are also to produce three years tax clearance which must be verified by the Lagos State Internal Revenue Service.

The court barred Akingbola and Dada from traveling abroad without its express permission, pending the hearing and determination of the case.

Abiru ordered that the two accused persons should deposit their international passports with the court’s registrar– if they were able to retrieve them from the Federal High Court in Lagos.

He also ordered that they should report to the EFCC office every first working day of the month, pending the hearing and determination of the case.

EFCC counsel, Mr Kola Awodein, had opposed the bail application filed by Akingbola’s counsel, Chief Felix Fagbohungbe.

The anti-corruption agency had urged the court not to grant the application because they could jump bail and interfere with witnesses.

However, Abiru held that the prosecution had failed to prove that the accused persons tampered with trial or further investigation after they were granted bail by a Federal High Court in Lagos.

He noted that if they did not jump the bail granted them by Justice Charles Achibong, it was likely they would not abscond or frustrate their trial before him.

Abiru said: “ It is an agreed fact that the accused persons have cases at the Federal High Court and were granted bail.

“It is also an agreed fact that they did not jump bail. It is an agreed fact that the sum and the charges they are facing here is far lesser than what they are facing at the Federal High Court.”

The judge also held that the charges at the two courts were substantially similar and that the attitude of the accused so far showed that they were willing to face trial.

He subsequently granted them bail and adjourned the case to July 20 for trial. (NAN)