The Federal High Court in Lagos on Tuesday granted bail in the sum of N30 million to a businessman, Lanre Smith, charged with $26,000 fraud.
The businessman was arraigned on January 30, 2024 before Justice Ibrahim Kala on a three-count charge.
The charges were conspiracy, laundering of funds obtained through unlawful activity, and fraud.
Smith had pleaded not guilty to the charge.
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Ruling on Smith’s bail application on Tuesday, Kala also ordered him to provide two sureties in like sum.
The judge held that one of the sureties must be a Grade Level 14 officer in a government establishment, while the other must be a landed property owner within the court’s jurisdiction.
He adjourned the case until March 24 for trial.
The Force Criminal Investigation Department of the Nigerian Police had charged Smith with conducting an illegal financial transaction and obtaining proceeds of crime.
The department alleged that Smith deceived an American, Lindy Drake, to deposit $26,000 into a Wells Fargo account with the name Wilok Limited in the United States of America.
The department also alleged that Smith obtained N10.1 million on the pretext that he had deposited the $26,000 into the US Wells Fargo account.
The alleged offences contravene Sections 1(1)(a), 7 and 7(2)(b) of the Advanced Fee Fraud and Other Fraud Related Offences Act, 2006.
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