The High Court in the Federal Capital Territory (FCT) Apo, Abuja, has granted bail to Olu Agunloye, the former Minister of Power and Steel, in the amount of N50 million.
Agunloye was charged with seven counts related to fraudulent contract awards and official corruption on January 10.
Initially, the judge ordered his detention in the Kuje Correctional Center until the bail application was heard and ruled upon.
On Thursday, Agunloye’s lawyer, Adeola Adedipe, requested his client’s release on bail, either through self-recognition or on lenient terms.
Adedipe argued that Agunloye is not a flight risk and that the prosecution’s concerns were based on misunderstandings and communication issues.
Additionally, Adedipe urged the court not to require a public servant as a surety for his client.
He also pointed out that Section 352(4) of the Administration of Criminal Justice Act (ACJA) addresses the misconceptions and concerns surrounding bail.
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.”
The bail application was opposed by the prosecution counsel.
In his ruling, the presiding judge, Justice Jude Onwuegbuzie, stated that the court leans towards granting bail to the defendant.
The defendant was granted bail in the amount of N50 million and was required to provide two sureties who are reputable and financially capable individuals residing in the FCT.
These sureties must possess properties valued at N300 million with verifiable Certificates of Occupancy.
Additionally, they must submit copies of their identity cards and photocopies of their international passports to the court.
The defendant is also required to surrender his passport to the court and must be present for all hearings.
The case has been adjourned until February 12.
The Economic and Financial Crimes Commission (EFCC) is currently investigating Agunloye regarding the $6 billion Mambilla Hydropower Contract.
