Former Minister of Power and Steel Olu Agunloye was granted bail on Thursday in the amount of N50 million by a Federal Capital Territory High Court located in Apo.
Due to a $6 billion scam allegedly committed in relation to the Mambilla Hydroelectric Power Station, the court had ordered his confinement in the Kuje Correctional Service until his bail application could be heard.
Under the government of former President Olusegun Obasanjo, Agunloye held the position of minister from 1999 to 2003.
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Agunloye was arraigned by the Economic and Financial Crimes Commission before Justice J.O. Onwuegbuzie on Wednesday, and he entered a not guilty plea to the allegations that were read to him.
Adeola Adedipe, the attorney for the former minister, filed the motion and asked the court to grant bail to his client through self-recognition, or in more liberal terms, arguing that Argunloye is not a flight risk and that the prosecution’s argument was “misunderstood and based on a communication barrier.”
Adedipe further argued against the court’s decision to compel his client to utilize a public official as a guarantor.
The defense team said that Section 352(4) of the Administration of Criminal Justice Act dispels the prosecution’s misinformation about bail and mischief.
“Once a defendant is admitted to bail, even if he absconds, the trial will continue and he will be convicted where necessary,” Adeola stated in reference to this clause.
The prosecution’s attorney, however, objected to the bail request.
Justice Onwuegbuzie ordered the defendant to produce two sureties in the same amount of money and granted him a bail of N50 million.
The sureties have to be FCT residents who are “people of means” and “reputable.”
The judge decided that they needed to have properties valued at N300 million and a verified Certificate of Occupancy.