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Former Minister of Power and Steel, Olu Agunloye, was granted a N50 million bail on Wednesday by Justice Jude Onwuegbuzie of the Federal Capital Territory High Court.
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Agunloye was arraigned on seven counts of fraudulent contract award and official corruption on Wednesday and initially remanded in Kuje Correctional Centre.
During the hearing, Agunloye’s counsel, Adeola Adedipe, argued that his client is not a flight risk and should be granted bail on liberal terms.
Adedipe cited Section 352(4) of the Administration of Criminal Justice Act, stating that even if Agunloye absconds, the trial will continue and he will be convicted where necessary.
The prosecution, however, opposed the bail application.
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In his ruling, Justice Onwuegbuzie acknowledged the seriousness of the charges but said that the pendulum of the court swings in favour of granting bail to Agunloye.
Onwuegbuzie imposed strict conditions, including the requirement for two sureties with verifiable assets of N300 million each with a Certificate of Occupancy.
The sureties must be “reputable” and “people of means” resident within the FCT. Agunloye must also surrender his passport and attend all court hearings.
The case has been adjourned to February 12. Agunloye remains under investigation by the Economic and Financial Crimes Commission (EFCC) over his alleged involvement in the $6 billion Mambilla Hydropower Contract.
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