Former Minister of Power and Steel, Dr. Olu Agunloye, facing a seven counts charge bordering on fraudulent award of contract and official corruption in a $6 billion power contract fraud, has been granted bail in the sum of N50 million by a Federal Capital Territory, FCT, High Court sitting in Apo..
Dr Agunloye was arraigned on Wednesday by the Economic and Financial Crimes Commission (EFCC) and was subsequently remanded in Kuje prison custody by the trial judge, Justice Jude Onwuegbuzie pending hearing and ruling on his bail application. He is facing trial over his alleged complicity in the ill-fated Mambilla Hydropower Contract of the Federal Government.
The N50million bail must come with two sureties in the same sum who must be reputable and people of means that are resident within the FCT. The courts requested that the sureties must own landed properties worth N300 million, with a verifiable Certificate of Occupancy.
Counsel to Dr Agunloye, Adeola Adedipe, however wanted the court to grant the former minister, bail by way of self-recognisance or in liberal terms.
He argued that Argunloye was not a flight risk. He said: “Once a defendant is admitted to bail, even if he absconds, the trial will continue and he will be convicted where necessary.”
One of the count against Dr Agunloye reads: “That you, Olu Agunloye, whilst being the Minister of Power and Steel on or about the 22nd of May, 2003 in Abuja, within the jurisdiction of this honourable court awarded a contract, titled “Construction of 3,960mw Mambilla Hydroelectric Power Station on a Build, Operate and Transfer Basis” to Sunrise Power and Transmission Company Limited without any budgetary provision, approval and cash backing and you thereby committed an offence contrary to and punishable under Section 22(4) of the Corrupt Practices and other Related Offences Act, 2000.”
