Justice Ibrahim Buba of the Federal High Court in Lagos Monday shocked the Speaker of the Lagos State House of Assembly, Hon. Adeyemi Ikuforiji and his personal assistant, Atoyebi when he slammed a N1billion bail on him.

The judge said the accused would be remanded in prison custody after 48 hours if they fail to perfect their bail conditions.
The drama started when after their re-arraignment and not-guilty plea, the prosecutor, Mr. Godwin Obla, informed the court of his readiness to proceed with the trial.

But counsel to Ikuforiji, Mr. Tayo Oyetibo (SAN), quickly urged the court to allow the accused continue with the earlier bail granted by
the former trial judge, Justice Okechukwu Okeke.

He told the court that the accused was granted bail on self-recognition, adding that the court should uphold same.
Counsel to the Atoyebi, Mr. Tunde Akinrimisi, also aligned himself with the submissions of Oyetibo, adding that his client was also
admitted to bail by the former judge, with the clerk of LAHA standing surety.

He also urged the court to rule in line with the earlier bail. This application was not opposed by the prosecutor, who urged the
court to exercise its discretion judiciously.

Ruling on the bail application, Justice Buba said he was not bound by the decision of his retired learned brother.
“The case is beginning afresh before this honourable court, and so, I have the absolute discretion on the issue of bail.
“The accused is admitted to bail in the sum of 1 billion each with two sureties in the sum of N500 million each.

“The accused will be remanded in prison custody after 48 hours if they fail to perfect their bail conditions,” Buba ruled.
He adjourned the case to Sept. 25, 26 and 27 for trial.
The accused were first arraigned on March 1, 2012 before Justice Okechukwu Okeke on a 20-count charge.
They had pleaded not guilty to the charge and Justice Okeke had granted Ikuforiji bail on self-recognition, while his personal
assistant was admitted to bail with the Clerk of the LAHA, standing as surety.

The trial had commenced mid-way, but Justice Okeke adjourned the case indefinitely, due to the withdrawal of the prosecutor, Obla, who had informed the court of his engagements.

The case was however re-assigned to a new judge after the retirement of Justice Okeke, which led to the case commencing afresh.
In the charge, the accused were alleged to have conspired between April 2010 and July 2011, to commit the offences.
They were alleged to have committed an illegal act of accepting cash payments amounting to N273,303,780 million from the LAHA without going through a financial institution.

Ikuforiji was also alleged to have used his position to misappropriate about N500 million of the LAHA’s funds.
The offence is said to contravene the provisions of section 18(a) of the money laundering (prohibition) Act 2011.
It attracts a term of five years imprisonment upon conviction.
Source: http://infonigeria24.com/court-grants-lagos-speaker-ikuforiji-n1bn-bail/