The Economic and Financial Crimes Commission, on Friday arraigned a former director of Bank PHB (now Keystone), Funmi Ademosun, before a Federal high court, sitting in Lagos for an alleged laundering of N26.6 billion.
Mr Ademosun was arraigned alongside his company, Home Trust Savings and Loan limited and a private company, Rare Properties and Development limited.
They were arraigned before Justice Daniel Osiagor on a 10-count charge bordering on alleged Conspiracy, money laundering and fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc.
They pleaded not guilty to all counts.
EFCC prosecutor, Rotimi Oyedepo Then requested for a trial date and urged the court to remand the defendant in the custody of the Nigerian Correctional Services till the determination of the charge.
But, defense counsel, Wale Adesokan (SAN) applied to the court that defendant be handed over to him on bail assuring that he would always attend his trial.
But, Justice Osiagor refused the request and granted bail in the sum of N250 million with two sureties.
The Court also directed that one of the sureties must be a grade level 15 officer in either federal or state ministry, while the other surety must be a blood relation of the defendant and a property owner within the jurisdiction.
According to TVC News, the court further directed that he should be remanded in EFCC custody pending the perfection of his bail application.
The matter has been adjourned to February 25th and March 4, 2022 for hearing.