TheCable

The Economic and Financial Crimes Commission (EFCC) has arraigned Funmi Adenmosun, a former director of defunct Bank PHB, over alleged money laundering to the tune of N26.6 billion.

The anti-graft agency, on Friday, arraigned Adenmosun on a 10-count charge bordering on conspiracy and money laundering before Daniel Osiagor, a judge of the federal high court, Ikoyi.

The former director was arraigned alongside two companies — Home Trust Savings and Loan Limited and Rare Properties and Development Limited.

During the court proceedings, Adenmosun pleaded not guilty to the 10-count charge.

After the defendant’s plea, Rotimi Oyedepo, counsel to the EFCC, asked the court for a trial date while urging the court to remand Adenmosun in a correctional facility pending the determination of the suit.

However, Wale Adesokan, the defendant’s counsel, appealed to the court that Adenmosun should be handed over to him, assuring the court that the defendant will always attend court proceedings.

Adesokan added that a bail application dated January 13, 2022, had been filed and served on the prosecution.

In his judgement, Osiagor granted the defendant bail in the sum of N250 million with two sureties.

The judge also ruled that Adenmosun should be remanded in the custody of the EFCC pending the perfection of his bail application.

The court adjourned the case till February 24 and March 4, 2022, for further hearing.