At the resumed hearing of the matter on the 13th and 14th of November, Justice Faji also dismissed the bail applications, citing the serious nature of the alleged offences, which include charges that could lead to up to 14 years in prison.The judge also held that one of the defendants – Precious Eze has shown the tendencies of committing similar offence again if let out as he is currently charged with a similar offence in another court and was only on bail when he went ahead to commit the alleged offence for which he is now standing trial.
Justice Faaji also highlighted the potentially destabilizing impact such actions could have on the banking sector, particularly since some of the charges involve cross-border activities on the Internet.
The defense counsel, Afolabi Adeniyi, had at the last hearing of the matter while moving an application for bail for the accused persons argued that the defendants should be granted bail on liberal terms, emphasizing that the charges were bailable and that the accused were willing to face trial.
Opposing the application, the prosecution Counsel, Chief Aribisala, SAN, urged the court to reject the bail request, highlighting the risk of the defendants absconding and stressing the need for an expedited trial.
In delivering his ruling, Justice Faji not only denied bail but also ordered an accelerated trial, underlining the gravity of the charges.
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