Court Grants Ex-Minister, Olu Agunloye Who Was Remanded To Jail, N50m Bail


Jan 11,2024.

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Former Minister of Power and Steel, Olu Agunloye, has been granted bail in the sum of N50 million.

Naija247News had earlier reported that the Economic and Financial Crimes Commission (EFCC) is investigating Agunloye over the $6 billion Mambilla Hydropower Contract.

Justice Jude Onwuegbuzie of the Federal Capital Territory (FCT) High Court Apo ordered Agunloye, who was charged with seven counts related to the fraudulent award of a contract and official corruption, to be remanded in Kuje Correctional Centre, until the bail application was heard and ruled upon.

However, during the hearing on Thursday, the Counsel for the former minister, Adeola Adedipe, requested that the court grant bail to his client either through self-recognisance or under lenient conditions.

Adedipe argued that Agunloye is not a flight risk and that the prosecution’s concerns were based on misunderstandings and communication issues.

The experienced attorney also contended that the misconceptions and concerns surrounding bail, as well as the arguments put forth by the prosecution, have been addressed by Section 352(4) of the Administration of Criminal Justice Act (ACJA).

According to Adeola, this provision states that “once a defendant is granted bail, even if they flee, the trial will proceed, and they will be convicted if necessary.”

In delivering the verdict, Justice Onwuegbuzie stated that the court leans towards granting bail to the defendant.

The defendant was granted bail of N50 million and was instructed to provide two sureties who could match the same sum.

Additionally, they are required to submit copies of their identification cards and photocopies of their international passports to the court.

The defendant must surrender his passport to the court and be present for all hearings. The case has been adjourned until February 12.(

Peter Okafor
Peter Okafor
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

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