Olu Agunloye, a former Minister of Power and Steel during the administration of ex-President Olusegun Obasanjo, has been released on bail in the amount of N50 million by a Federal Capital Territory (FCT) High Court in Apo.
Agunloye faced charges related to the fraudulent award of contracts and official corruption, with the Economic and Financial Crimes Commission (EFCC) investigating him in connection with the $6 billion Mambilla Hydropower Contract.
Initially, the trial judge, Justice Jude Onwuegbuzie, had ordered his remand in Kuje Correctional Centre pending the hearing and ruling on his bail application. However, during Thursday’s court session, Agunloye’s counsel, Adeola Adedipe, requested the court to grant bail to his client through self-recognizance or on lenient terms.
Adedipe argued that Agunloye is not a flight risk and contended that the prosecution’s notion was based on a “misconception and communication barrier.” The lawyer also asserted that Section 352(4) of the Administration of Criminal Justice Act (ACJA) has addressed any misconceptions about bail and the concerns raised by the prosecution.
Under this provision, Adeola said, “Once a defendant is admitted to bail, even if he absconds, the trial will continue and he will be convicted where necessary.”
However, the prosecution counsel opposed the bail application.
Ruling, the judge granted the former minister bail while ordering him to produce two sureties in like sum.
The sureties must be “reputable” and “people of means” resident within the FCT, the judge ruled.
They must have properties worth N300 million with a Certificate of Occupancy that must be verifiable.
