A vacation judge of the Lagos State High Court, Yetunde Adesanya has granted bail in the sum of N50 million to one Toju David.
A statement by the Economic and Financial Crime Commission (EFCC) on Thursday stated that the defendant is facing prosecution by the Lagos Zonal Command of the Commission on a two-count charge related to an alleged fraud amounting to N420,202,220.00.
Toju David was first arraigned before O.A. Okunuga on July 12, 2023, accused of stealing the aforementioned amount belonging to Mouka Nigeria Limited. This act is considered an offense under Section 287(1) of the Criminal Law of Lagos State 2015.
The charge sheet includes allegations that state: “Toju David, Graciem Dunamis Limited, and Plotheuos Limited, on or about the 22nd of June, 2021, at Lagos, within the jurisdiction of this Honourable Court, converted to your own use the aggregate sum of N292,452,220 (Two Hundred and Ninety-Two Million Four Hundred and Fifty-Two Thousand Two Hundred and Twenty Naira), property of Mouka Nigeria Limited.”
During the court proceedings, the defendant pleaded “not guilty” to all the counts brought against him.
The defense counsel, Y.A. Kadiri, moved the bail application on behalf of the defendant, stating, “We pray the court to grant bail on liberal terms, as stealing is a bailable offense.”
In response, the prosecution counsel, I.O. Clarkson, presented the prosecution’s counter-affidavit, urging the court to deny the bail application due to the defendant’s failure to comply with an earlier administrative bail granted to him.
“In the instance that the court is inclined to grant bail, we urge the court to impose stringent conditions that will make it practically impossible for the defendant to abscond,” Clarkson added.
After carefully considering arguments from both sides, Adesanya granted bail to the defendant in the sum of N50 million, with two sureties required to provide the same amount.
As part of the bail conditions, one of the sureties must possess a house in Ikoyi, while the other must own a house within the jurisdiction of the court. Additionally, both sureties must provide evidence of the last two years’ tax payments and swear to an affidavit of means.
The case will continue as the defendant awaits trial while on bail.
(Edited by Oludare Mayowa; email@example.com; Newsroom: +234 8033 964 138)