Former Minister of Power and Steel, Olu Agunloye, has been granted bail in the amount of N50 million by Justice Jude Onwuegbuzie of the Federal Capital Territory (FCT) High Court in Apo on Thursday, January 11.
LEADERSHIP reports that Agunloye is facing seven charges related to contract fraud and government misconduct.
The judge had previously ordered Agunloye’s confinement at the Kuje Correctional Center pending a hearing and decision on his bail application.
In court, Agunloye’s lawyer, Adeola Adedipe, moved the motion, seeking bail for his client through self-recognizance or in liberal terms. Adedipe argued that Agunloye was not a flight risk and that the prosecution’s opposition to bail was based on a “misconception and communication barrier.”
Adedipe also contested the court’s requirement for Agunloye to have a public official as a guarantor, stressing that the trial could continue even if the defendant absconds.
The prosecution counsel opposed the bail application, but Justice Onwuegbuzie ruled in favour of granting bail to the defendant.
The judge granted N50 million bail to Agunloye and ordered him to produce two guarantors in a like sum. The sureties must be “reputable” and “people of means” residing within the FCT, with properties worth N300 million and verifiable Certificates of Occupancy.
The guarantors are required to submit copies of their identity cards and photocopies of their international passports to the court. Agunloye must also submit his passport to the court and be present for all hearings.
The case has been adjourned to February 12. The Economic and Financial Crimes Commission (EFCC) is investigating Agunloye in connection with the $6 billion Mambilla Hydropower Contract.
