The former bank chief is standing trial on a 22-count charge preferred against him by the Economic and Financial Crimes Commission (EFCC) for alleged corrupt practices committed while he was at the helm of affairs at the bank, which amounted to about N347 billion.
Akingbola was granted bail in the sum of N500 million by Justice Mohammed Idris who also ordered him to produce three sureties in like sum, who must be Nigerians and be landed property owners in Lagos.
The sureties will also produce certificates for tax clearance of eight years.
Contacted yesterday, EFCC Head of Media, Mr. Femi Babafemi told Daily Champion that though the former bank chief has submitted some documents to the agency, they were still undergoing verification.
He said Akingbola "has not been able to see any guarantor that can produce the prescribed tax certificate," adding that as a result he was still in their custody.
The court while ruling on the bail application filed by lead counsel to Akingbola, Chief Felix Fagbohungbe (SAN), also barred him from travelling out of the country and ordered that his travelling passport be deposited with the EFCC.
The judge in dismissing the anti-graft agency�s argument that the accused person fled Nigeria upon being declared wanted for corruption held that there was no evidence to show that the allegations against him have been made before he travelled out of the country last year. The court thereby dismissed newspaper publications to that effect.
Justice Idris said: "He had not been declared wanted by the EFCC as at the time he travelled out of Nigeria. There is nothing to suggest that he would interfere with investigations and influence witnesses."
The court, in deciding the bail application in Akingbola�s favour, said the accused person was entitled to bail since the offences for which he is charged were bail-able under the law.
Justice Idris ordered the former bank chief to produce three sureties in like sum who must have landed properties within the Lagos jurisdiction of the court. The sureties will also produce evidence of tax clearance for eight years; all of which must be certified by the appropriate body and deposited with the court registrar.
Akingbola will also deposit his international passport with the court registrar and is to report at the EFCC office the first working day of every week.
The judge subsequently adjourned the matter to October 25 for trial.
Akingbola is being prosecuted by the EFCC on a 22-count charge of alleged theft, market manipulation, insider trading, abuse of office and economic crimes amounting to N346.1 billion and £10.9 million.
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