Court stops Arisekola Alao from travelling abroad

Justice Lateefa Okunnu Wednesday granted a N75 million bail to Abdulahi, son of Ibadan based business man, Alhaji Azeez Alao-Arisekola, who was charged for swindling the Federal Government of N1.1 billion oil subsidy fund.

Abdulahi was arraigned for the third time on different charges bordering on allegedly stealing the Petroleum Support Fund, PSF.

The trial judge also granted his co-accused, Olanrewaju Olafusi, an employee of Sterling Bank Plc bail in the sum of N100m to be guaranteed by the bank.

The duo of Arisekola and Olafusi have been charged by the Economic and Financial Crimes Commission, EFCC on October 10 alongside a company Axenergy Limited, Opeyemi Ajuyah, her firm, Majope Investment Limited, and one Olafusi on eight counts of N1.1bn subsidy fraud.

Ajuyah had been granted bail on Monday, but Okunnu was only able to hear the bail applications filed by Abdulahi and Olafusi yesterday.

EFCC, represented by its counsel, Mr. Francis Usali, had asked for an adjournment on Monday till yesterday for it to respond to the processes filed by the applicants.

The judge ordered that Sterling Bank should, on behalf of Olafusi, pay a bail bond of N100m as part of his bail conditions.

The judge said, “The bond should be backed up with a bank guarantee which is to be deposited with the chief registrar of the high court”.

The court also ordered the accused to deposit their passports and other travel documents with the chief registrar, adding that they should not travel abroad without the court’s permission.

She ordered that Abdulahi’s proposed sureties must be gainfully employed and resident in Lagos and that one of the sureties must be a director of a public or private company.

She also said one of them must possess landed property of “substantive value” within Lagos.

The judge also directed that Arisekola is to report once every month to the EFCC office during the duration of the trial.

The matter was adjourned to December 13 for trial.