The former Minister of Power and Steel, Olu Agunloye, has been granted N50 million bail by the FCT High Court in Apo.
Agunloye was granted bail barely 24 hours after he was remanded in Kuje Correctional Centre, as ruled by Justice Onwuegbuzie.
He was arraigned by the Economic and Financial Crimes Commission (EFCC), on Wednesday, January 10, 2024, on seven count charges bordering on fraudulent award of contract and official corruption to the tune of alleged sum of $6 billion (4trillion).
After reading all the charges to him yesterday which have do to with “Construction of 3,960mw Mambilla Hydroelectric Power Station on a Build, Operate and Transfer Basis”, he pleaded “not guilty” to all the charges.
Thereafter, prosecution counsel, Abba Muhammed prayed the court for a trial date and to remand the defendant in a Correctional Centre.
Defence counsel, Adola Adedipe, SAN, informed the court that he has filed a bail application for the defendant and prayed the court to grant him bail and commit him to the custody of the EFCC.
However, Justice Onwuegbuzie ruled that the defendant be remanded in Kuje Correctional Centre and set Thursday, January 11, 2024 (today) for a hearing on the bail application.
After hearing the bail application today, Justice Jude Onwuegbuzie granted him N50 million bail with two sureties in like sum.
He further ruled that the sureties must be resident within the FCT and must have properties worth N300m with a Certificate of Occupancy.
