The Economic and Financial Crimes Commission yesterday arraigned a former Director of Bank PHB (now Keystone), Funmi Adenmosun, before the Federal High Court in Lagos for allegedly laundering the sum of N26.6 billion.
The EFCC docked Adenmosun alongside his company, Home Trust Savings and Loan Limited and a private company, Rare Properties and Development Limited before Justice Daniel Osiagor on a 10-count charge of conspiracy and money laundering.
The defendants were also accused by the anti-graft agency of fraudulently converting the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc.
Adenosine, however, pleaded not guilty to the charge.
After his plea was taken, the EFCC counsel, Rotimi Oyedepo urged the court to fix a trial date and to remand the defendant in custody of the Nigerian Correctional Services (NCoS), till the conclusion of the trial.
But the defence lawyer, Wale Adesokan (SAN) informed the court that a bail application dated January 13, 2022 had been filed and same had been served on the prosecution.
Adesokan, therefore, prayed the court to hand over Adenmosun to him assuring the court that he would always attend to his case.
But Justice Osiagor granted the defendant bail in the sum of N250 million with two sureties.
The judge directed that one of the sureties must be a Grade Level 15 level officer in either a federal or state ministry, while the other surety must be a blood relation of the defendant and a property owner within the jurisdiction.
The court further directed that the defendant should be remanded in EFCC custody pending the perfection of his bail conditions. He then adjourned the case to February 24 for commencement of the trial.