The Economic and Financial Crimes Commission (EFCC) has arraigned the Chairman of the People’s Democratic Party (PDP), in Ondo State, Clement Faboyede.

He was arraigned on Friday along with one Modupe Adetokunbo, the Director-General of the PDP Campaign Organization in the state during the last general elections.

They were both brought before a Federal High Court sitting in Lagos on three counts of money laundering to the tune of N500 million.

In the charge, the EFCC‘s Deputy Chief Detective Superintendent, Ekene Iheanacho alleged that Clement Faboyede, Modupe Adetokunbo and others at large had, on or about March 27, 2015, conspired amongst themselves to accept cash payment in the sum of N500million from one Owolanke Micheal, without going through a financial institution.

The offence is said to be contrary to Section 1, of the Money Laundering (Prohibition) Act, 2011 (as amended by Act 1 of 2012) and punishable under section 16(2) of the same Act.

The two defendants pleaded not guilty to the charge, and the prosecuting counsel, Mr Iheanacho, urged the court to remand them in prison custody and to fix a date for trial to commence.

The defence counsel, a Senior Advocate of Nigeria, Mr Eyitayo Jegede, however urged the court to admit the defendants to bail.

Justice Saliu Saidu has asked him to file a formal application for bail and ordered that the defendants be remanded in prison custody till then.