Justice Nicholas Oweibo of the Federal High Court in Lagos,on Wednesday, granted a 22-year-old man, Joshua Adeyinka Kayode, who allegedly defrauded 170 people of N10.8 billion through a fake investment scheme, bail in the sum of N2 billion with two sureties in like sum.
Justice Oweibo ordered that each of the sureties must be landed property owners within the court’s jurisdiction and that they must depose to an affidavit of means.
The vacation judge also directed that the sureties and the defendant must deposit two passport photographs with the court’s registrar, adding that the defendant must also deposit his international passport with same.
The court further ordered that the prosecutor must verify all the bail terms and the defendant be remanded in the custody of the Nigerian Correctional Services (NCoS) till the bail is perfected.
Kayode was docked before the court by men of Force Criminal Investigation Department (Force CID) on 170 counts charge of conspiracy and obtaining money under false pretenses alongside his company, Quintessential Investment Company Limited.
The prosecutor, Williams Tijjani had informed the trial judge, Justice Tijjani Ringim, before the court embarked on its annual vacation, that the defendant and others, now at large, committed the offences between July 2020 and March 2021.
Tijjani also told the judge that the defendant defrauded the victims under the false pretense of giving out fraudulent multiple returns on their investment.
The lawyer claimed that the offences are contrary to and punishable under section 8(a) and 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.
The defendant, however, pleaded not guilty to the charge.
Justice Oweibo has fixed November 10 for the commencement of trial.