Court grants alleged operator of Ponzi Scheme N2b bail

The 22 years old man, Joshua Adeyinka Kayode, who allegedly defrauded 170 people of the sum of N10.8 billion under fake investment scheme was Wednesday admitted to bail by Justice Nicholas Oweibo of the Federal High Court, Lagos, in the sum of N2 billion with two sureties in like sum.

Justice Oweibo also ordered that each of the sureties must own a landed property within the court’s jurisdiction and must depose to an affidavit of means.

The judge also ordered that the two sureties and the defendant must deposit two passport photographs with the Court’s Registrar and that the defendant must also deposit his international passport with the Court’s Registrar.

While adjourning the defendant’s trial to November 10, the judge ordered that the prosecutor must verify all the bail terms and that the defendant be remanded in the custody of the Nigerian Correctional Services (NCoS) till he perfects his bail terms.