A former governor of Bayelsa State, Timipre Sylva, was on Monday re-arraigned by the Economic and Financial Crimes Commission before a Federal High Court presided over by Justice Evoh Chukwu, for alleged fraud involving about N2.45 billion.
Mr. Sylva is the co-chairman of the Presidential Inauguration Committee for the swearing in of Muhamadu Buhari on May 29.
He was alleged to have committed the fraud when he was governor of the state between 2007 and 2010.
The former governor pleaded not guilty to the six-count charge. He has the same charges pending before another Federal High Court presided over by Justice Ahmed Mohammed.
In 2012, he had pleaded not guilty to the charges when he was first arraigned before Justice Adamu Bello, also of the Federal High Court.
At the resumption of the case on Monday, Mr. Sylva’s counsel, Israel Olorundare, a Senior Advocate of Nigeria, applied for oral bail for the former governor.
The prosecuting counsel, Festus Keyamo, represented by John Ainetor, did not oppose the bail application.
Mr. Ainetor, however, asked the judge to grant Mr. Sylva bail in terms that would ensure the accused is present in court in person.
Mr. Chukwu subsequently granted the bail application in the conditions and terms the former governor was earlier given by the judge that initially handled the matter and fixed May 25 for the commencement of the trial.
The former governor was accused by the EFCC of converting N2 billion worth of properties and resources belonging to Bayelsa State between 2009 and 2010, under false pretence, with an intention to hide the origin of the proceeds, an offence punishable by Anti-money Laundering Act.
A further N380 million and N20 million were also converted separately under similar circumstances within the same period.
He was also alleged to have induced Union Bank Plc to fraudulently grant him an overdraft facility of N2 billion under the pretext of suing the money to augment workers’ salary.
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