JUST IN: Former Minister Agunloye Granted N50 Million Bail Amidst Ongoing EFCC Probe

Justice Jude Onwuegbuzie, presiding over the Federal Capital Territory (FCT) High Court Apo, has just granted bail to ex-Minister of Power and Steel, Olu Agunloye, in the sum of N50 million. The Economic and Financial Crimes Commission (EFCC) is actively investigating Agunloye in connection to the alleged $6 billion Mambilla Hydropower Contract.

Agunloye faced seven counts related to the fraudulent award of a contract and official corruption during his arraignment on Wednesday. Initially remanded in Kuje Correctional Centre, the former minister secured his bail through a court ruling following a hearing of the bail application.

Counsel for Agunloye, Adeola Adedipe, argued that his client posed no flight risk and appealed for bail by way of self-recognizance or on liberal terms. He urged the court not to require a public servant as surety, emphasizing that such concerns were based on misconception and communication barriers.

In opposition, the prosecution counsel contested the bail application. However, Justice Onwuegbuzie, in delivering the ruling, favored granting bail to the defendant. The court set the bail amount at N50 million, requiring Agunloye to produce two sureties of reputable standing and means within the FCT.

The sureties must possess verifiable properties worth N300 million, accompanied by a Certificate of Occupancy. Identity cards and photocopies of international passports are mandated for submission. Agunloye, in compliance, must surrender his passport to the court and be present for all scheduled hearings.

The next court session on this matter is scheduled for February 12, marking a crucial development in the ongoing EFCC investigation into the Mambilla Hydropower Contract.