Justice Jude Onwuegbuzie of the Federal Capital Territory (FCT) High Court Apo, on Thursday, January 11, granted bail to ex-Minister of Power and Steel, Olu Agunloye, in the sum of N50 million.
The EFCC is charging Agunloye over the $6 billion Mambilla Hydropower Contract.
On Wednesday, January 10, Agunloye was arraigned by the EFCC on seven counts bordering on fraudulent award of a contract and official corruption,. The judge had ordered his remand in Kuje Correctional Centre pending a hearing and ruling on the bail application.
However, during the hearing on Thursday, the Counsel for the former minister, Adeola Adedipe, requested that the court grant bail to his client either through self-recognisance or under lenient conditions.
Adedipe also appealed to the court not to order the use of a public servant as surety for his client.
The senior lawyer also argued that the apprehensive misconception about bail and the mischief argued by the prosecution has been cured by Section 352(4) of the Administration of Criminal Justice Act (ACJA).
Under this provision, Adeola said, “Once a defendant is admitted to bail, even if he absconds, the trial will continue and he will be convicted where necessary.”
However, the prosecution counsel opposed the bail application.
Delivering the ruling, Justice Onwuegbuzie granted the former Minister N50 million bail and ordered him to produce two sureties in like sum.
The judge ruled that the sureties must be “reputable” and “people of means” residents within the FCT.
The judge also ruled that the sureties must have properties worth N300 million with a Certificate of Occupancy that must be verifiable and that they must submit copies of their identity card and photocopies of their international passports to the court
The Minister was also ordered to submit his passport to the court and must be present for hearing at all times.
The matter has been adjourned to February 12.
