A Lagos High Court on Wednesday, granted a N100 million bail to Abdullahi Alao, son of Ibadan businessman, Alhaji Abdulaziz Arisekola-Alao.
The junior Alao is standing trial for making fraudulent claims in the fuel subsidy payments.
Abdullahi and his company, Axenergy Limited, were on July 26 arraigned by the Economic and Financial Crimes Commission (EFCC) on seven counts of collecting about N2.64 billion from the Central Bank of Nigeria (CBN) as subsidy payment for the purported importation of 33.3million litres Premium Motor Spirit (PMS).
Presiding Judge, Justice Habeeb Abiru granted Mr Alao the bail in the sum of N100million with two sureties in like sum.
He held that the EFCC failed to give cogent reasons to warrant the refusal of the bail application.
The judge adjourned the matter till October 22, 2012 for commencement for trial.
Alao, who also faces a separate charge along with Mahmud Tukur, son of the incumbent National Chairman of the ruling People’s Democratic Party, Alhaji Bamanga Tukur, Alex Ochonogo and Eterna Oil and Gas Limited, had earlier on July 27, been granted bail by another Lagos High Court, judge, Justice Adeniyi Onigbanjo.
But he was remanded with the EFCC so that Justice Abiru will determine whether to grant him bail or not for the second charge filed against him by the anti-graft agency.
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