A Federal High Court sitting in Lagos State, yesterday, granted bail to the speaker of Ogun State House of Assembly, Olakunle Oluomo, in the sum of N300m with two sureties in like sum.

Justice Daniel Osiagor granted bail, following no objections from the Economic and Financial Crimes Commission, EFCC.

The speaker was arraigned over alleged N2.5 billion money laundering charges by the anti-graft agency.

Counsel for EFCC, Rotimi Oyedepo, had told the court that he would leave the issue of bail solely within the discretion of the court.

But counsel to the speaker, Kehinde Ogunwumiju, SAN, urged the court to admit his client to bail on liberal terms.

In granting bail to the speaker, Justice Osiagor held that one of his sureties must not be less than a Level 16 officer in the civil service, while the other must possess landed property within the court’s jurisdiction.

The court granted the second and third defendant bail in the sum of N100 million with two sureties also in like sum.

According to the court, one of their sureties must not be less than a level 14 Officer in the civil service. The other must also possess landed property within the court’s jurisdiction.

All the sureties are to possess three-year tax clearance and swear to an affidavit of means.

All defendants, according to the court, are also to deposit their travel documents with the registrar of the court.

Pending when they meet their bail conditions, the defendants will be remanded in the custody of the EFCC for a week, after which they will be transferred to the Abeokuta Division of the court for further orders on their remand.