January 11, (THEWILL) – Justice Jude Onwuegbuzie of the Federal Capital Territory (FCT) High Court, Apo, has granted N50 million bail to a former Minister of Power and Steel, Olu Agunloye.
The Economic and Financial Crimes Commission (EFCC), on Wednesday, charged Agunloye with seven felony charges relating to contract fraud and government misconduct.
Justice Okorowu, on Wednesday, ordered that Agunloye be remanded at the Kuje Correctional Service pending hearing on his bail application.
Agunloye, a minister under President Olusegun Obasanjo’s government between 1999 and 2003, was arrested by operatives of the Economic and Financial Crimes Commission (EFCC) on Wednesday, December 13, 2023.
The EFCC had declared him wanted over his role in the $6 billion Mambilla hydropower contract.
Former President Obasanjo had accused Agunloye of mismanaging the power project during his tenure and failed to brief him on the state of the project.
Obasanjo had accused Agunloye of fraudulently awarding the contract for the power project to Sunrise Power and Transmission Ltd without the approval of the Federal Executive Council (FEC).
Sunrise is currently in arbitration against Nigeria, demanding billions of dollars for the failed contract.
However, upon arraignment on Wednesday, Agunloye pleaded not guilty to the charges read against him.
