Former Minister of Power and Steel, Olu Agunloye, was 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.
Olu Agunloye was charged on Wednesday with seven felonies related to contract fraud and government misconduct.
His confinement at Kuje Correctional Center was mandated by the judge awaiting a hearing and decision about his bail application.
The former minister’s attorney, Adeola Adedipe, moved the motion and prayed the court to grant bail to his client by way of self-recognisance or in liberal terms.
According to him, Olu Argunloye was not a flight risk, and the prosecution’s idea was “born out of misconception and communication barrier.”
Adedipe further argued against the court’s decision to compel his client to use a public official as a guarantor.
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.
Justice Onwuegbuzie stated in her ruling that 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 guarantors 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.
They must submit copies of their identity card and photocopies of their international passports to the court.
The defendant is to submit his passport to the court and must be present for hearing at all times.
The matter has been adjourned to February 12.
The Economic and Financial Crimes Commission (EFCC) is investigating Olu Agunloye over the $6 billion Mambilla Hydropower Contract.