By Ken Afor
A High Court of the Federal Capital Territory (FCT), located in Apo, on Thursday granted bail to Mr. Olu Agunloye, a former Minister of Power and Steel.
Agunloye had been remanded in prison custody due to his alleged involvement in a massive $6 billion contract fraud.
Presiding over the trial, Justice Jude Onwuegbuzie deemed it appropriate to grant bail to Agunloye. The former minister is currently facing a seven-count charge filed against him by the Economic and Financial Crimes Commission (EFCC).
As part of the bail conditions, Agunloye is required to provide two sureties who can vouch for him, and a sum of N50 million must be deposited.
This decision by the High Court marks a significant development in the ongoing legal proceedings against Agunloye.
The court ruled that the sureties must possess a good reputation and have substantial financial resources, while also being residents within the FCT.
The court further stated that the sureties must own properties valued at N300 million, and it is essential for the Certificate of Occupancy of these properties to be easily verified.
Additionally, the presiding judge mandated that the sureties provide the court registry with duplicates of their identification cards and photocopies of their passports.
Furthermore, the defendant was instructed to surrender his passport to the court and guarantee his presence throughout the trial.
Upon the defendant’s request made by his legal representative, Mr. Adeola Adedipe, SAN, the court was implored to either grant him bail based on his own recognition or under lenient conditions.
Agunloye vehemently maintained his innocence and emphasized that the charge brought against him by the anti-graft agency was for a bailable offense.
During the court proceedings, he assured that he had no intention of fleeing and would be present for his trial.
In the meantime, Justice Onwuegbuzie scheduled a comprehensive hearing for the case to commence on February 12.
According to the EFCC, Agunloye, who served as a Minister from 1999 to 2003 under former President Olusegun Obasanjo’s administration, is accused of unlawfully awarding a contract for the construction of a 3,960 MW Mambilla hydroelectric power station on a build, operate, and transfer basis.
The court was informed by the agency that the contract, which was granted to Sunrise Power and Transmission Company Limited, was executed without any allocation of funds, approval, or financial support.
It was also alleged that Agunloye received a kickback of N3.6 million in a corrupt manner from the company to which he awarded the contract.
However, the defendant, who previously held the position of Minister of State for Defence, pleaded not guilty to the accusation when he appeared in court on Wednesday. Despite this, the court ordered that he be held in Kuje prison until a decision is made regarding his bail application.
