A Federal High Court in Lagos granted bail in the sum of N200 million each to two persons, a British citizen, Gareth Wilcox and Johnson Adebami, charged with N15 billion fraud, on Monday.

The accused persons were alleged to have obtained over 15 billion naira from the defunct Gulf Bank Plc, without appropriate accounting records, under the guise of granting loans and overdraft facilities to various companies. They allegedly converted and appropriated a total of 55.3 million dollars and over 3.7 billion naira belonging to the said bank.

Mr Wilcox, a former Managing Director of Ibom Power Company and LYK Engineering Company, is standing trial alongside Adebami, a former Managing Director of the defunct Gulf Bank Plc, on a 21-count charge bordering on alleged fraud.

According to the prosecution, the offences contravened the provisions of Section 390 of the Criminal Code, Cap A6, Laws of the Federation, 2006.

Also, former legal adviser to all three companies involved, Uche Uwechia, is standing trial alongside the other two.

Ruling on the bail application, the trial judge, Justice Mohammed Yunusa, granted Wilcox and Adebami bail in the sum of N200 million each, with two sureties each in like sum. The sureties must possess landed property within the jurisdiction of the court and they must present two years tax clearance certificate as well as depose to an affidavit of means.

In addition, Wilcox and Adebami must deposit their international passports with the court alongside an undertaking not to travel out of the country, until the case has been determined. However, the judge granted Uwechia bail in the sum of N100 million with two sureties in like sum. The sureties must also possess landed property within the court’s jurisdiction, and present two years tax clearance certificate.

Uwechia was ordered to deposit his passport with the court, and must ensure that he does not leave the country, until February 26, 2014 the adjourned date for the trial.

The accused who pleaded not guilty to all charges levelled against them were remanded in the custody of the Special Anti-Fraud Unit, pending the determination of their bail.