A court in Ikeja, Lagos, has granted N10 million bail to Kayode Odukoya, managing director of First Nation Airlines.
Odukoya had earlier pleaded not guilty to fraud and a N1.7 billion theft allegation against him by the Economic and Financial Crimes Commission (EFCC).
When he appeared before the court on March 15, Mojisola Dada, the judge, ordered that he be remanded in EFCC custody pending the determination of his bail application.
Odukoya is facing a four-count chargeof forgery, use of false documents, perjury and stealing.
“The prosecution did not show cause why bail should not be granted to the defendant. He is granted N10 million bail with two sureties in like sum,” the judge said.
“The sureties should have properties in the city of Lagos and should depose to an affidavit of means. The defendant should deposit his international passport with the court. Though the defence had requested that the defendant be granted bail on self-recognition, he will be granted a temporary release on the condition that his international passport is immediately deposited with the court.
“This case is adjourned until May 7 to 10 for trial.”
Before the ruling, Zainab Ettu, the EFCC counsel, told the court that the commission was no longer opposed to the bail application.
“Initially, we had opposed the application, but at the moment I’m urging Your Lordship to leave bail at the discretion of the honourable court.” (The Cable)