Olu Agunloye, a former minister of power and steel, has been granted N50 million bail.
On Thursday, the Federal Capital Territory (FCT) High Court Apo’s Justice Jude Onwuegbuzie granted him bail.
On Wednesday, Agunloye was charged with seven felonies related to contract fraud and official misconduct.
His custody in Kuje Correctional Centre was mandated by the judge pending a hearing and decision about his bail application.
The former minister’s attorney, Adeola Adedipe, moved the application and asked the judge to release his client on liberal terms or on self-recognition.
Argunloye is not a flight danger, he said, adding that the prosecution’s argument was “born out of misconception and communication barrier.”
Adedipe further argued against the court’s decision to compel his client to utilise a public official as a guarantor.
The senior attorney further contended that Section 352(4) of the Administration of Criminal Justice Act (ACJA) has eliminated the prosecution’s misbelief 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 stated in her finding that the court’s decision-making balance favours granting the accused person bail.
He granted the defendant N50 million in bail and mandated that he produce two sureties in the same amount.
The sureties have to be FCT residents who are “people of means” and “reputable.”
They have to have properties valued at N300 million and a genuine Certificate of Occupancy.
They have to provide the court with photocopies of their international passports and copies of their identity cards.
The defendant must always appear in person for the hearing and turn in his passport to the court.
The case is now scheduled for February 12.
The Economic and Financial Crimes Commission (EFCC) is investigating Agunloye for the $6 billion Mambilla Hydropower Contract.
