A Federal High Court sitting in Ilorin on Monday granted N200 million bail to the immediate past Commissioner for Finance in Kwara, Alhaji Ademola Banu.

The Ilorin Zonal Office of the Economic and Financial Crimes Commission (EFCC) had on Jan. 29 arraigned Banu and one Olarewaju Adeniyi before Justice Babangana Ashigar on a nine-count charge bordering on money laundering.

Count one of the charge reads : “That you, Olarewaju Adeniyi, Ademola Banu and Travel Messenger Limited between January to December 2018 in Ilorin conspired among yourselves to commit an offence to wit:

” Conversion of the sum of N411 million, property of Kwara State Government which sum you reasonably ought to know was derived from fraud.”

The defendants were alleged to have contravened Section 18(a) of the Money Laundering (Prohibition) (Amendment) Act, 2012 and punishable under Section 15(3) and (4) of the same act

Ruling on the bail application, Ashigar said the first and second defendants were admitted to bail in the sum of N200 million with one surety in like sum.

” The surety is to have a landed property in Ilorin and must submit the Certificate of Occupancy ( C of O) to the Registrar of this honourable court which should be verified by the EFCC,” the judge added.

Ashigar also ordered the defendants to deposit their International passports including other travel documents.

He further said that the defendants must not travel out of the country without the permission of the court, pending the hearing and determination of the case.

Ashigar also directed that the two defendants should remain in the custody of EFCC in Ilorin until they perfected their bail conditions.

The case was adjourned till Feb. 24 for commencement of trial.

NAN reports that the premises of the Federal High Court was filled to capacity with the family members, friends and associates of the former commissioner chanting “Sai Banu, Sai Baba.”