Court Grant Bail to Ex-Minister Facing $6 billion Contract Fraud

Court Grant Bail to Ex-Minister Facing 6 billion dollar Contract Fraud
Olu Agunloye
Embattled former Minister of Power and Steel Development, Dr. Olu Agunloye has been granted bail by a Federal High Court in Abuja.

Agunloye was arraigned yesterday by the Economic and Financial Crimes Commission (EFCC) over an allegation that he awarded a power transmission project worth $6 billion without approval from [former] President Olusegun Obasanjo. However, the former minister pleaded not guilty to the charges brought against him.

He was arraigned on a seven-count charge related to forgery and disobedience to a presidential order. However, the former minister pleaded not guilty to the charges brought against him.

Justice Jude Onwuegbuzie of the High Court of the Federal Capital Territory, sitting in Apo, Abuja, admitted former Minister of Power and Steel, Mr Olu Agunloye, to bail on Thursday.

In today’s ruling on Aguloye’s bail application, Justice Onwuegbuzie granted the defendant bail in the sum of N50 million with two sureties in a like amount.

The judge ordered that the sureties must be individuals of means and repute, possessing landed property valued at N300 million. They are required to deposit photocopies of the property documents, as well as their passports, with the court.

Justice Onwuegbuzie specified that the sureties must be residents of the Federal Capital Territory (FCT), and their residences would be verified by the court registrar.

Furthermore, the judge directed that Agunloye must surrender his passport to the court and is prohibited from traveling abroad without the court’s permission.

Category: World-News
Tag: Court Grant Bail to ExMinister Facing 6 billion dollar Contract Fraud
Written by Author (author)
Published 1/11/2024 4:48:44 PM

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