The Federal Capital Territory High Court in Apo deliberated on Thursday, reaching a decision to grant bail to former Minister of Power and Steel, Olu Agunloye, and levying a bail sum of N50 million.
Pending the hearing of his bail application related to an alleged $6 billion fraud linked to the Mambilla Hydroelectric Power Station, the court directed his temporary confinement to the Kuje Correctional Service.
Between 1999 and 2003, Olu Agunloye assumed the role of minister in the administration of former President Olusegun Obasanjo.
Before Justice J.O. Onwuegbuzie, Agunloye appeared in court on Wednesday, arraigned by the Economic and Financial Crimes Commission, and declared his plea of not guilty.
The former minister’s lawyer, Adeola Adedipe, moved the motion and prayed the court to grant bail to his client by way of self-recognisance or in liberal terms, saying Argunloye is not a flight risk and that the notion canvassed by the prosecution was “out of misconception and communication barrier.”
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Adedipe also appealed to the court not to order the use of a public servant as surety for his client.
The counsel argued that the misconception about bail and the mischief argued by the prosecution has been cured by Section 352( 4) of the Administration of Criminal Justice Act.
Under this provision, Adeola said, ‘Once a defendant is admitted to bail, even if he absconds, the trial will continue and he will be convicted where necessary.’
The prosecution counsel voiced objections to the bail application, presenting a hurdle in the legal proceedings.
The judgment from Justice Onwuegbuzie outlined the grant of a N50 million bail to the defendant, accompanied by the requirement of presenting two sureties in similar financial standing.
Justice Onwuegbuzie specified that the required sureties must be “reputable” individuals and “people of means” residing within the Federal Capital Territory.
The judge, in his ruling, specified that the designated sureties must possess verifiable properties worth N300 million, accompanied by a Certificate of Occupancy.