A Federal High Court sitting in Lagos State has granted bail to the Speaker of the Ogun State House of Assembly, Olakunle Oluomo, in the sum of N300m with two sureties in like sum.

The Ogun State House of Assembly Speaker, Olakunle Oluomo and two others were on Tuesday remanded at the Economic and Financial Crimes Commission’s custody by a Federal High Court sitting in Lagos State over alleged N2.475 billion money laundering.

Justice Daniel Osiagor ordered that they should be remanded for one week in the EFCC’s custody, adding that if they failed to meet up with the bail condition, they would be remanded at the Nigerian Correctional Service.

Oluomo was arraigned alongside three others who are Oladayo Samuel, Adeyemo Adedeji Taiwo and Adeyanju Amoke (now at large) on 11 counts of conspiracy, forgery, stealing and money laundering preferred against them by the EFCC.

EFCC prosecuting counsel Rotimi Oyedepo told the court that the defendants committed the alleged offences between 2019 and 2022 in Ogun State.

Oyedepo told the court that they allegedly stole the sum of N2.475bn from the treasury of Ogun State House of Assembly.

When the charge was read to the defendants, they pleaded not guilty.