The Federal High Court sitting in Lagos state has granted Seun Egbegbe bail in the sum of N5m for fraud.
The Nollywood movie producer was arrested alongside one Oyekan Ayomide, for defrauding some operatives of Bureau De Change of over N40.647m, between 2016 and February 2017.
The justice who presided over the case at the Federal High Court in Lagos, Justice Oluremi Oguntoyinbo granted Egbegbe bail in the sum of N5m with two sureties each in a sum of N2.5m.
Oguntoyibo ruled that Egbegbe should be released upon meeting the conditions for his bail.
According to Punch, one of the sureties must be a civil servant who has attained level 16 and the other surety must be a land owner in any part of Lagos metropolis.
The landowner is to submit Certificate of Ownership of the landed property, while the civil servant must submit his international passport to the court.
The sureties are also to swear an affidavit while the house and office addresses and telephone number will be verified by the court. Egbegbe was remanded in prison custody pending completion of bail conditions.
This is the second time in the last couple of months that the filmmaker has been arraigned in court over some form of fraud.
Egbegbe was arrested for stealing 9 iPhone's from a shop in Computer Village back in November 2016 and was subsequently charged to court.
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Egbegbe was later granted N1 million bail for his crime, after which he fled the country for Malaysia.
Pulse paid a visit to Computer Village where Seun Egbegbe was portrayed by merchants as a notorious thief who uses charms on people before stealing.