In his ruling on Thursday, Tsoho held that the offence Fani-Kayode was alleged to have committed was a bailable one.
He, therefore, granted the defendant bail as requested by Afedayo Adedipe (SAN), his counsel.
However, he ruled that Fani-Kayode be remanded in prison until he perfected his bail condition.
The Economic and Financial Crimes Commission (EFCC) is prosecuting Fani-Kayode on five-counts of money laundering to the tune of N26m.
The anti-graft agency is also prosecuting him on 17-counts of money laundering to the tune of N4.9bn at the Lagos division of the federal high court.
Before his arraignment on Thursday, he has been in the custody of the EFCC for 21 days after he was arrested in Lagos and transported to Abuja.
The judge fixed December 14, for the commencement of trial.