The Federal High Court, sitting in Lagos has ordered the remand of a former Director of Bank PHB (now Keystone), Funmi Adenmosun at the Nigerian Correctional Services (NCoS) in Ikoyi, following his inability to perfect his bail conditions.

The Economic and Financial Crimes Commission (EFCC) had on January 21 arraigned Adenmosun, before the court over alleged N26.6 billion money laundering.

He was arraigned alongside his company, Home Trust Savings and Loan limited and a private company, Rare Properties and Development Limited.

He was subsequently granted bail in the sum of N250 million with two sureties.

However, at the resumed trial on Thursday, Adenmosun who was initially remanded in EFCC custody custody urged the court to change his remand to Ikoyi Correctional Centre until he meets his bail conditions.

Justice Daniel Osiagor granted his request and ordered his remand at Ikoyi Correctional Centre.

The EFCC’s counsel, Sulaiman Sulaiman told the court that the verification of documents presented by the sureties is still ongoing.

He informed the court that he was ready to commence trial and that one of his witnesses was in court.

But, Justice Osiagor wondered why the prosecution was taking too long on the verification of documents submitted by the sureties.

The judge observed that the anti-graft agency imposed conditions that were not in the original order made by the court.

Therefore, the court stopped the EFCC from carrying out the verification of the sureties adding that only the court will carry out the exercise.

The EFCC then called its first witness, Mr. Segun Adesomoju, the Compliance Officer, First City Monument Bank Ltd (FCMB), who told the court that his bank received a letter from the EFCC requesting for account details of the defendants.
However, an attempt by the EFCC prosecutor to tender some of the account statements hit a brick wall as the defence lawyer, Senior Advocate of Nigeria, Wale Adesokan objected to their admissibility.

Following the objection, the EFCC lawyer, Sulaiman urged the court to adjourn the case to enable him to take certain steps to move the case forward.

The case has been adjourned to Friday 3rd of March for the continuation of trial.

The defendants were arraigned 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.

Adenmosun pleaded not guilty to all the counts.

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