The High Court of the Federal Capital Territory in Apo, former Minister of Power and Steel, Mr Olu Agunloye, has been granted bail amounting to N50 million over allegations of his involvement in a $6 billion contract fraud.
The bail decision came from Trial Justice Jude Onwuegbuzie, who mandated two sureties, each with properties worth N300 million within the FCT. These sureties must be reputable individuals, and their landed properties’ Certificate of Occupancy must be verifiable.
The court further required the sureties to submit copies of their identity cards and international passports to the court registry. Additionally, Agunloye has been instructed to surrender his international passport and ensure his availability throughout the trial.
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Agunloye, facing a seven-count charge by the Economic and Financial Crimes Commission (EFCC), pleaded through his counsel, Mr Adeola Adedipe, SAN, for bail on self-recognizance or lenient terms. Emphasizing his innocence, he assured the court of his commitment to attend all trial proceedings, arguing that the charges against him were bailable offenses.
The court has set February 12 for the commencement of a full-blown hearing of the case.
The EFCC accuses Agunloye, who served as a Minister from 1999 to 2003 under former President Olusegun Obasanjo, of illegally awarding a contract for the construction of a 3,960 MW Mambilla hydroelectric power station.
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The contract, allegedly given to Sunrise Power and Transmission Company Limited, was purportedly executed without proper budgetary provision, approval, or financial backing.
The anti-graft agency also contends that Agunloye corruptly received a kickback of N3.6 million from the company to which he awarded the contract. Despite the serious allegations, the defendant pleaded not guilty during his initial appearance in court, where he was remanded in Kuje prison pending the court’s decision on his bail application.
