Justice Oluremi Oguntoyinbo of the Federal High Court in Lagos on Friday granted a N5m bail to Nigerian film maker, Olajide Kazeem, better known as Seun Egbegbe, who was two weeks ago arraigned for alleged serial frauds involving N39, 098,100, $90,000 and £12,550.
Egbegbe was arraigned on 36 counts alongside one Oyekan Ayomide, with whom he allegedly conspired to perpetrate the frauds between August 2015 and February 2017.
Egbegbe and Ayomide had been in prison custody since February 10, 2017 when they were arraigned before Justice Oguntoyinbo by the police.
On Friday, however, the judge granted both accused N5m each with two sureties each in the sum of N2.5m.
The judge said one of the sureties must be a civil servant of not less than level 16 and must own a landed property in Lagos State.
The surety, the court said, must deposit the Certificate of Occupancy of the landed property in the custody of the court.
Both sureties were to swear to affidavit of means while their addresses would be verified by the court.
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