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

ChannelsTV reports that Justice Daniel Osiagor on Tuesday granted bail following no objections from the EFCC.

Recall that the speaker was arraigned over alleged N2.5bn money laundering charges.

Counsel for the Economic and Financial Crimes Commission, Rotimi Oyedepo had told the court that he would leave the issue of bail solely within the discretion of the court.

The counsel to the Speaker, Kehinde Ogunwumiju (SAN), on his part, asked 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 be not less than a level 16 officer in the Civil Service while the other must possess landed property within the courts jurisdiction.

The court granted the second and third defendant bail in the sum of N100m with two sureties also in like sum.

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 courts jurisdiction.

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

All defendants 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.