A businessman, Lanre Smith, accused of defrauding the sum of N10 million, has been granted bail in the sum of N30 million by a Federal High Court sitting in Lagos on Tuesday.

The bail was granted by Justice Ibrahim Kala following a motion filed and argued by Smith’s lawyer, Akin Apara. Apara urged the court to admit the defendant to bail on liberal terms, emphasizing Smith’s presumption of innocence until proven otherwise.

Justice Kala concurred with the defense’s submission and granted bail to Smith in the sum of N30 million, with two sureties required to provide a like sum. One of the sureties must be a Grade Level 14 employee at a government establishment, while the other must be a landed property owner within the jurisdiction of the court.

Additionally, the court ordered that Smith should surrender his passport to the deputy chief registrar of the court to ensure his appearance in court throughout the trial.