N1.7bn theft: First Nation MD, Kayode Odukoya gets N10m bail

Managing Director of First Nation Airlines, Kayode Odukoya

A court in Ikeja, Lagos, has granted N10 million bail to the Managing Director of First Nation Airlines, Kayode Odukoya. 

Odukoya had earlier pleaded not guilty to fraud and a N1.7 billion theft allegation against him by the Economic and Financial Crimes Commission (EFCC).

When he appeared before the court on March 15, the judge, Mojisola Dada, ordered that he be remanded in EFCC custody pending the determination of his bail application.

Odukoya is facing a four-count charge of forgery, use of false documents, perjury and stealing.

“The prosecution did not show cause why bail should not be granted to the defendant. He is granted N10 million bail with two sureties in like sum,” the judge said.

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“The sureties should have properties in the city of Lagos and should depose to an affidavit of means. The defendant should deposit his international passport with the court. Though the defence had requested that the defendant be granted bail on self-recognition, he will be granted a temporary release on the condition that his international passport is immediately deposited with the court.

“This case is adjourned until May 7 to 10 for trial.”

Before the ruling, EFCC counsel, Zainab Ettu, told the court that the commission was no longer opposed to the bail application.

“Initially, we had opposed the application, but at the moment I’m urging Your Lordship to leave bail at the discretion of the honourable court,” she said.