A High Court in Abuja on Thursday granted bail to a former Minister of Power and Steel, Mr Olu Agunloye, who was remanded in prison custody over his alleged complicity in a $6 billion contract fraud.
Trial Justice Jude Onwuegbuzie gave bail to Agunloye, who is answering a seven-count charge the Economic and Financial Crimes Commission, EFCC, preferred against him, to the tune of N50million with two sureties in the same sum.
According to the court, the sureties must be reputable and people of means that are resident within the FCT.
The court held that the sureties must own landed properties worth N300 million, adding that the Certificate of Occupancy of the said properties must be verifiable.
More so, the trial judge ordered that the sureties must submit copies of their identity cards as well as photocopies of their international passports to the court registry.
The defendant was further ordered to submit his international passport to the court and ensure his availability at all times for his trial.
The defendant had, through his counsel, Mr Adeola Adedipe, SAN, begged the court to either grant him bail on self-recognisance or on very liberal terms.
While insisting on his innocence, Agunloye stressed that the charge the anti-graft agency slammed against him contained a bailable offence.
He told the court that he would not pose any flight risk, saying he would be available for his trial.
Meanwhile, Justice Onwuegbuzie fixed February 12 to commence a full-blown hearing of the case.
EFCC alleged that Agunloye, who served as a Minister between 1999 and 2003, under the administration of former President Olusegun Obasanjo, illegally awarded a contract for the construction of a 3,960 MW Mambilla hydroelectric power station on a build, operate, and transfer basis.
The agency told the court that the contract, which was awarded to Sunrise Power and Transmission Company Limited, was done without any budgetary provision, approval, or cash backing.
Agunloye was equally alleged to have corruptly received kickback to the tune of N3.6 million from the company he awarded the contract to.
