A former Minister of Power and Steel, Olu Agunloye, was granted bail in the sum of N50 million by a Federal Capital Territory High Court in Apo on Thursday. This development comes after the court had initially ordered his remand at the Kuje Correctional Service pending the hearing of his bail application. The charges against Agunloye are linked to an alleged $6 billion fraud in connection with the Mambilla Hydroelectric Power Station.
Agunloye, who served as a minister between 1999 and 2003 during the administration of former President Olusegun Obasanjo, pleaded not guilty to the charges brought against him by the Economic and Financial Crimes Commission (EFCC). The arraignment took place before Justice J.O. Onwuegbuzie on Wednesday.
During the bail hearing, Agunloye’s lawyer, Adeola Adedipe, presented a motion to the court, requesting bail for his client on the grounds of self-recognizance or in liberal terms. Adedipe argued that Agunloye is not a flight risk and contended that the prosecution’s notion was based on a misunderstanding and communication barrier.
Additionally, the defense urged the court not to mandate the use of a public servant as surety for Agunloye. The granting of bail at N50 million reflects a significant development in the legal proceedings surrounding the alleged fraud case involving the former minister.
