Justice Jude Onwuegbuzie of the Federal Capital Territory (FCT) High Court Apo granted bail to former Minister of Power and Steel, Olu Agunloye, on Thursday, setting the bail amount at N50 million.
Agunloye faced seven charges related to the fraudulent award of a contract and official corruption during his arraignment on Wednesday. Initially, the judge had ordered his remand in the Kuje Correctional Centre pending a hearing and ruling on the bail application.
During the proceedings, Adeola Adedipe, the Counsel for the ex-minister, argued for bail on behalf of his client, either through self-recognizance or in lenient terms. Adedipe asserted that Agunloye posed no flight risk, countering the prosecution’s claim as a “misconception and communication barrier.”
Adedipe further urged the court not to mandate a public servant as surety. He emphasized that Section 352(4) of the Administration of Criminal Justice Act (ACJA) addressed concerns about bail and potential absconding, stating that even if the defendant were to flee, the trial would continue, and conviction could be pursued.
Despite the opposition from the prosecution, Justice Onwuegbuzie ruled in favor of granting bail to the defendant. The bail was set at N50 million, with the condition that Agunloye must produce two sureties of equal sum. These sureties should be “reputable” individuals of means residing within the FCT, possessing verifiable properties valued at N300 million with a valid Certificate of Occupancy.
The sureties are required to submit copies of their identity cards and photocopies of their international passports to the court. Additionally, the defendant must surrender his passport to the court and be present for all scheduled hearings. The next court date for the matter has been adjourned to February 12.
The Economic and Financial Crimes Commission (EFCC) is currently investigating Agunloye in connection with the $6 billion Mambilla Hydropower Contract.