Justice Y.A.Adesanya, a vacation judge of the Lagos State High Court sitting in Tafawa Balewa Square, T.B.S, Lagos, on Thursday, July 27, 2023, granted bail in the sum of N50m to one Toju David, who is being prosecuted by the Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, on a two-count charge bordering on an alleged fraud to the tune of N420, 202,220 (Four Hundred and Twenty Million, Two Hundred and Two Thousand, Two Hundred and Twenty Naira) only.
David, who was first arraigned before Justice O. A. Okunuga, on July 12, 2023 is accused of stealing the said money belonging to Mouka Nigeria Limited , an offence contrary to Section 287 (1)of the Criminal Law of Lagos State 2015.
He pleaded "not guilty" to all the counts when they were read to him.
At today’s proceedings, the defence counsel, Y.A Kadiri, SAN, moved the bail application of the defendant.
"We pray the court to grant bail on liberal terms , as stealing is a bailable offence,”he said.
In response, the prosecution counsel, I.O. Clarkson moved the prosecution's counter-affidavit and urged the court to refuse the application for bail on the grounds that the defendant had failed to honour the administrative bail earlier granted to him.
"In the instance that the court is inclined to grant bail, we urge the court to impose stringent conditions that will make it practically impossible for the defendant to abscond," he said.
After listening to both parties, Justice Adesanya granted bail to the defendant in the sum of N50 million, with two sureties in like sum.
One of the sureties must have a house in Ikoyi, while the other must have a house within the jurisdiction of the court.
Both sureties must show evidence of the last two years' tax payment and also swear to an affidavit of means.
Source : EFCC