The Economic and Financial Crimes Commission (EFCC) on Wednesday re-arraigned former governor of Oyo State, Rashidi Ladoja and one Waheed Akanbi.

The duo were arraigned for alleged N4.7bn fraud and money laundering said to be committed in 2007.

They were previously arraigned before Justice A. R. Mohammed in 2008 and now arraigned before Justice Mohammed Idris of a Federal High Court in Lagos after their appeal were dismissed.

Ladoja and Akanbi allegedly used a GTB company account belonging to Heritage Apartments Limited to convert N1,932,940,032.48 meant for the state into personal use.

The former governor was also accused of removing the sum of £600,000 from the state coffers in 2007 and also used N42m belonging to the state to purchase an armoured Land Cruiser jeep.

The defendants, however, pleaded not guilty upon the charges being read to them.

Bolaji Onilenla , defense counsel to Ladoja filed a bail application for his clients stating that they had already been granted bail by Justice Mohammed in 2008.

“The first defendant has kept full faith with the terms and conditions of the bail and there was no single incident of default,” Onilenla said

Justice Idris allowed the defendants bail and adjourned till February 14, 15 and 16, 2017, for commencement and continuation of trial.