They allegedly shared the N38 billion loan to members without the consent and approval of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) and the extant Revised Financial Regulations of the Federal Government of Nigeria, 2009.
The alleged offences are contrary to Sections 97(1), 286 and 311 of the Penal Code Act, Cap 532, Laws of the Federation of Nigeria (Abuja) 1990, and punishable under Sections 287 and 315 of the same Penal Code Act.
Chief Adegboyega Awomolo (SAN) led Mr. Tayo Oyetibo (SAN) and Mr. Afolabi Fashanu (SAN) for the defence team while the prosecution was led by Mr. Festus Keyamo.
Ruling on their consolidated bail application, Justice Suleiman Belgore admitted them to N50 million bail with two sureties in like sum, who must not be below the level of a permanent secretary in civil service.
The judge who said the sureties must be residing in Abuja also ordered that the accused persons traveling documents should remain with the anti-graft agency until otherwise directed. He said the sureties must not be below the level of a permanent secretary in the civil service.
Source:
World Stage
These requirements pale in comparison to larger lending institutions that could a large amount of financial paperwork and be employed for lengthy period of time. Companies usually like employment for at least three months but providing a verifiable source of income will most likely qualify for a guaranteed payday loans.