Lagos - A Federal High Court sitting in Lagos, on
Friday, granted a N10 million bail to Kazeem Adedeji, a former Oyo State
Commissioner for Trade, Investment and Cooperatives, charged with N77
Adedeji, along with Yinka Fatoki, a former Director in the Ministry,
and Kolawole Adewole, an employee of the Bank of Industry (BOI), are
facing a six-count charge bordering on conspiracy and fraud.
Ruling on the bail application by Olabode Iranloye, the defence
counsel, Justice Chukwujekwu Aneke, admitted the accused to bail in the
sum of N10 million each, with one surety each in like sum.
The judge ruled that the sureties must be public officers not below
grade level 15 in either the Federal or Lagos State Government and must
possess a landed property within the court's jurisdiction.
He added that the sureties must also produce evidence of tax payment
and must deposit the Certificate of Occupancy of such landed property
with the court registry.
He then adjourned the case till Nov. 25 and 26, for trial.
The News Agency of Nigeria (NAN) reports that the accused were arraigned on Oct. 3.
At their arraignment, the prosecutor, Effiong Asuquo, had told the
court that the accused committed the offences between July 2012 and
He said that sometime in 2012, while Adedeji was still Commissioner, the
Oyo State Government entered into a partnership with the Bank of
Industry, known as the OYSG/B.O.I Fund.
According to him, the fund, with a total of N1 billion, was a pool
from which indigenous entrepreneurs could access credit facilities.
Asuquo explained that the state government and the bank had each contributed N500 million respectively, towards the fund.
He said the joint venture was aimed at promoting Micro and Medium business in Oyo State.
The prosecutor said that Adedeji lodged the said contribution into
Enterprise Bank, where his wife worked as account officer, without the
consent and approval of the Oyo State Government.
He told the court that the accused then conspired to obtain over N77
million from the fund, which was allocated to non-existing companies.
Asuquo said that the accused granted the facilities to Josh-Tolani
Ventures, Tembenatil Ventures, Ojoo God's Grace Cooperative Society,
Agric Preserve Company Ltd, and Adis Steel Works Ltd.
The prosecutor said that upon investigation at the Corporate Affairs
Commission (CAC), it was discovered that none of these companies were
He said that the offences committed contravened the provisions of
Sections 1(1), 1(3) (a) and 8 of the Advance Fee Fraud and Other Fraud
Related Offences Act, Cap A6, Laws of the Federation, 2004.
NAN reports that the offences attract a term of not less than 20 years imprisonment, if convicted Adedeji and the others had, however, each pleaded not guilty to the charges.