Mr Olaleye, the managing director of Optimal Cancer Care Foundation, was arraigned in court on Wednesbury over allegations of sexually assaulting his wife’s 16-year-old niece.
Mr Oshodi, in his ruling, said the accused would be remanded in Kiriki prison, Ikoyi, until the bail conditions are met.
The arraignment was initially stalled last week due to his absence in court.
On Wednesday, Babatunde Ogala, the legal counsel representing the defendant, asked the court to admit the defendant on bail on the grounds that he was ready to attend all the trials for the case.
The counsel argued that the defendant was a leading cancer care advocate whose patients would suffer if remanded in prison custody during the trial.
According to Mr Ogala, the offences levelled against Mr Olaleye are not “grievous allegations like treason” warranting a death sentence.
The legal counsel added that the behaviour exhibited by Mr Olaleye as it relates to his voluntary presence in court shows that he will comply with the conditions of the court.