Justice Jude Onwuegbuzie at the FCT High Court in Apo granted a bail of N50 million to Olu Agunloye, the former Minister of Power and Steel, on Thursday, January 11.
Agunloye was accused on Wednesday of seven felonies, involving contract fraud and government misconduct.
The judge ordered that he be held in Kuje Correctional Centre until the bail application is heard and ruled upon.
However, Adeola Adedipe, the Counsel for the former minister, urged the court to release his client on bail through self-recognizance or under lenient conditions.
He said Argunloye is not a flight risk and that the notion canvassed by the prosecution was “born out of misconception and communication barrier”.
Adedipe additionally implored the court not to mandate a public servant to act as surety for his client.
The senior lawyer also argued that the apprehensive misconception about bail and the mischief argued by the prosecution has been cured by Section 352(4) of the Administration of Criminal Justice Act (ACJA).
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.”
Delivering the ruling, Justice Onwuegbuzie said the pendulum of the court swings in favour of granting bail to the defendant. He granted N50 million bail to the defendant and ordered him to produce two sureties in like sum.
The sureties must be “reputable” and “people of means” resident within the FCT.
They must have properties worth N300 million with a Certificate of Occupancy that must be verifiable.
Backstory
- The Economic and Financial Crimes Commission (EFCC) is investigating Agunloye over the $6 billion Mambilla Hydropower Contract.
- The anti-graft agency arraigned Agunloye before the Federal High Court in Abuja on Wednesday, where he pleaded not guilty to the charges read against him.
- In December 2023, EFCC declared the former minister wanted over an alleged case of corruption and forgery.
- Agunloye was a minister under former President Olusegun Obasanjo’s government (1999-2003).
- He has since been at the centre of the controversy about the Mambilla project.
- He was accused by Obasanjo of illegally awarding the project’s contract without the Federal Executive Council’s consent.
- Agunloye has since denied the allegation.
