A former director of Bank PHB (now Keystone), Funmi Adenmosun, on Friday, appeared before a Federal High Court, sitting in Lagos over allegation of twenty-six point six billion naira money laundering.
Adenmosun was arraigned alongside his company, Home Trust Savings and Loan Limited and another private company, Rare Properties and Development Limited, by the Economic and Financial Crimes Commission, EFCC.
They were arraigned before Justice Daniel Osiagor on a 10-count charge bordering on conspiracy, money laundering and fraudulent conversion of the proceeds of a private placement raised from the public in the name of Investments & Allied Assurance Plc.
At the arraignment of the defendants, EFCC prosecutor Rotimi Oyedepo urged the court to direct that the charge be read to the defendant for his plea to be taken.
Subsequently, Adenmosun pleaded not guilty to all 10-count charges.
Given his non-guilty plea, the prosecutor requested a trial date and urged the court to remand him in the Nigerian Correctional Services’ custody until the determination of the charge.
However, Adenmosun’s lawyer, Mr Wale Adesokan (SAN), informed the court that a bail application dated January 13, 2022, had been filed, and the same had been served on the prosecution.
He urged the court to hand over Adenmosun to him, assuring the court that he would always attend to his case.
But, Justice Osiagor refused the request and 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 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 application.
The matter was adjourned to February 24th, 5th and March 4, 2022, for hearing.