Alleged $6Bn Fraud: Agunloye Gets N50m Bail
Justice Jude Onwuegbuzie of a High Court, Abuja, sitting in Apo District, yesterday, granted bail to a former Minister of Power and Steel, Olu Agunloye, in the sum of N50 million.
Agunloye was on Wednesday arraigned by the Economic and Financial Crimes Commission (EFCC) on seven-count charge, bordering on fraudulent award of a contract and official corruption.
He had pleaded not guilty to the charges but was remanded in the custody of the Kuje Correctional Center, pending the hearing of his appeal.
At yesterday's proceedings, his lawyer, Adeola Adedipe, SAN, prayed the court to grant bail to his client “by way of self-recognisance or in liberal terms.”
He assured the court that the defendant would not jump bail if granted and would make himself available throughout the trial.
Meanwhile, the senior lawyer appealed to the court not to order the use of a public servant as a surety for his client's bail conditions on the grounds that the Court of Appeal found such conduct to be unknown to the country's laws, and encourages corrupt practices.
While objecting to the granting of the bail, the prosecution admitted that the court has the sole discretion to grant the application or not.
Delivering ruling in the application, Justice Onwuegbuzie, held that the pendulum of the court swings in favour of granting bail to the defendant, and subsequently admitted Agunloye to bail in the sum of N50 million and two sureties in like sum.
The sureties must be “reputable” and “people of means” resident within the FCT, adding that the sureties must have properties worth N300 million with a Certificate of Occupancy that must be verifiable.
In addition, copies of their identity cards and photocopies of their international passports must be submitted to the court.
The defendant is to submit his International passport to the court and must be present for hearing at all times.
The judge subsequently fixed February 12, for trial.
Agunloye, a minister under the administration of former President Olusegun Obasanjo and also a former Corp Marshall, of the Federal Road Safety Corps (FRSC), was late last year arrested and detained for some days by the EFCC over alleged criminal offences.