Federal High Court sitting in Lagos has granted bail to businessman, Lanre Smith, facing alleged N10 million fraud charge.
Justice Ibrahim Kala admitted Smith to bail at N30 million with two sureties in like sum.
Smith, who was arraigned by the police on January 30, pleaded not guilty to all counts on the charge.
After hearing his bail application on Monday, February 5, the judge adjourned for ruling.
At the resumption of proceedings yesterday, Justice Kala granted the bail, seque to a motion argued by his counsel Akin Apara.
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Thereafter, prosecution counsel, Mike Enejere, called his first witness, Ogunlola Stephen, of Interpol Section of Force Criminal Investigation Department (CID) Annex, Alagbon.
Stephen testified, among others, that upon conclusion of police investigation, the following emerged.
“That the nominal complainant and defendants are old team mates from defunct Island football club.
“That the defendant approached the complainant for foreign transaction, and that the complainant availed his Wells Fargo account in the United States for transfer of forex funds.
“That the bone of contention from our investigation was transaction of $26,000, for which account of the nominal complainant is under investigation by the authority in U.S.”
Apara, in a short cross examination, tendered Stephen’s statement.
The defendant, in his statement of defence, averred, among others, that the matter had previously been struck out of court in 2020 for lack of diligent prosecution, adding the IPO had said in open court that Smith was found not to have done anything wrong.