A Federal Capital Territory High Court in Apo has granted bail in the sum of N50 million to Olu Agunloye, a former Minister of Power and Steel.
Previously remanded in the Kuje Correctional Service over an alleged $6 billion fraud related to the Mambilla Hydroelectric Power Station, Agunloye, who served as a minister between 1999 and 2003, pleaded not guilty to the charges brought by the Economic and Financial Crimes Commission.
Recall the Jurist Newspaper had reported how Agunloye was arraigned by the EFCC before Justice J.O. Onwuegbuzie on Wednesday.
Why court granted ex-minister bail
The former minister’s lawyer, Adeola Adedipe, presented the motion, urging the court to grant bail to his client through self-recognizance or in liberal terms.
He asserted that Agunloye is not a flight risk, emphasizing that the prosecution’s notion was based on a misconception and communication barrier.
Adedipe also appealed to the court not to mandate the use of a public servant as surety for his client.
Addressing the court, Adedipe argued that Section 352(4) of the Administration of Criminal Justice Act has rectified the alleged misconception about bail. According to him, this provision ensures that even if a defendant absconds after being granted bail, the trial will continue, and conviction can occur as needed.
Despite the defense’s arguments, the prosecution counsel opposed the bail application.
Court’s decision
In his judgment, Justice Onwuegbuzie ruled in favor of a N50 million bail for the defendant and instructed him to provide two sureties of equal sum.
The judge specified that the sureties must be “reputable” individuals with substantial means residing within the FCT.
Additionally, they must possess properties valued at N300 million, accompanied by a verifiable Certificate of Occupancy, as mandated by the court.