Justice Muslim Sule Hassan of Federal High Court in Lagos yesterday released Clement Faboyede, chairman of the Peoples Democratic Party (PDP) in Ondo State, who was docked by the Economic and Financial Crimes Commission (EFCC) over an alleged N500 million fraud.

Faboyede’s co-accused, Modupe Adetokunbo, the Director General of the PDP Campaign Organization in the state for the 2015 general elections, was also admitted to bail.

Justice Hassan said he agreed to their lawyer’s submission that the offences upon which the duo were arraigned were bailable.

“The defendants were arraigned before this court on a 3-count charge of conspiracy and money laundering. According to the provisions of the Money Laundering Act, the punishment for the offence is a jail term not less than 2 years or an option of fine. I am in agreement with the defence lawyer that the alleged offence is bailable”, he said.

The court admitted the defendants to bail in the sum of N50 million with one surety each in like sum.

According to the judge, the sureties must either be federal or state civil servants not below the rank of level 15 or landed property owners within the court’s jurisdiction.

The sureties were directed to deposit the title documents of the property and two passport size photographs each at the court’s registry and same must be verified by the Department’s Head.

The defendants were also ordered to deposit their international passports at the court’s registry, while the prosecution was given a week to authenticate the documents submitted by the sureties.