The Economic and Financial Crimes Commission, EFCC, on Friday, arraigned a former director of Bank PHB (now Keystone), Funmi Adenmosun, before a Lagos Federal High Court, over alleged money laundering amounting to N26.6 billion.
Adenmosun was arraigned alongside his company, Home Trust Savings and Loan Limited and a private company, Rare Properties and Development Limited.
They were arraigned before the court presided over by Justice Daniel Osiagor, on a 10-count charge bordering on conspiracy, money laundering and fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc.
Earlier, EFCC prosecutor, Mr. Rotimi Oyedepo informed the court of the 10-count charge dated January 5, 2020 and urged the court to direct that the charge be read to the defendants.
Following the reading of the charge, Adenmosun pleaded not guilty to all 10-count charge.
Following the defendant’s plea of not guilty, the prosecutor, Oyedepo, asked the court for a trial date and urged the court to remand him in custody of the Nigerian Correctional Services, NCoS, till 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 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 him bail in the sum of N250 million with two sureties.
Court ordered that one of the sureties must be a grade level 15 officer in either federal or state ministry, while the other surety must be a blood relation of the defendant.
The court further directed that he should be remanded in EFCC custody pending the perfection of his bail application.
