The defendant was remanded last Friday by Justice Chukwujeku Aneke after he and his firms, 606 Autos Ltd; 606 Music Ltd; and Splash Off Entertainment Ltd pleaded not guilty to a five-count charge of money laundering preferred against him by the Economic and Financial Crimes Commission (EFCC).
His counsel, Dr Muiz Banire (SAN), applied for his bail.
Delivering ruling on the bail application Monday, Justice Aneke admitted Babafemi to bail in the sum of N50 million with one surety in the like sum, among other terms.
The judge adjourned till January 22 and 23, for trial.
According to the EFCC, the defendant laundered N207.1m between 2013 and 2018.
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He allegedly transferred N37.6m to one Omojadesola Allison; N93m to one Olanrewaju Oriyomi; N1.5m to one Abiola Ayorinde, alias ABK; N25m to one Bartholomew Ezeudoka; and N50m to one Amobi Uchenna.
The Commission said 6O6 “ought to have reasonably known that such funds form part of an unlawful act, to wit: obtaining money by false pretence.”
EFCC counsel Mr A.B.C. Ozioko, said 606 and his companies acted contrary to Section 15(2)(b) of the Money Laundering (Prohibition) Act 2011 (as amended) and were liable to be punished under Section 15(3) of the same Act.
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