Alleged N2bn fraud: Court admits Sylva to bail on liberal terms

A Federal High Court sitting in Abuja, on Thursday, admitted the former governor of Bayelsa State, Timipre Sylva, to bail in the sum of N100million with one surety in like sum.The Economic and Financial Crimes Commission (EFCC) had slammed on him a six-count criminal charge bordering on corruption and money laundering, an offence contrary to section 17(a) of the Money Laundering (Prohibition Act), 2004 and punishable under section 14(1) of the same Act.

At the last adjourned date, Sylva had pleaded not guilty to the charge after which his counsel, Lateef Fagbemi (SAN), argued his bail application praying the court to admit him to bail on liberal terms.

The prosecuting counsel, Festus Keyamo, on his part, prayed the court to dismiss the bail application on the ground that there was a strong and direct evidence against the accused which may warrant his attempt to evade trial.

Delivering ruling in the bail application, Justice Adamu Bello, noted that he finds merit in the submissions of Sylva’s counsel and subsequently exercised the court’s discretion in favour of the applicant.

“I am persuaded by the submission of the learned senior advocate as well as the contents of the affidavit in support of the bail application and hereby exercise the discretion of the court in favour of the applicant. He is hereby granted bail in the sum of N100 million and one surety in like sum. The surety must be resident in Abuja and must be an owner of a landed property worth the bail sum. The title document of the property must be deposited to the court registrar for verification before the release of the applicant from custody.”

The court also ordered the former governor to deposit his International passport with the court and barred him from traveling outside the country without the leave of the court.

It will be recalled that Sylva was arraigned before the court on Tuesday on a six-count criminal charge over an alleged financial crime involving the sum of N2 billion loan obtained by his administration from Union Bank Plc for the augmentation of the salaries of the state’s civil servants.



The court later adjourned till September 19 for commencement of trial.

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