Former Minister of Power and Steel, Mr. Olu Agunloye, has been granted bail by Justice Jude Onwuegbuzie of the High Court in Apo, Abuja.
The court, sitting in the Federal Capital Territory, admitted Agunloye to bail after he pleaded not guilty to a seven-count charge brought against him by the Economic and Financial Crimes Commission (EFCC) on behalf of the Federal Government.
In today’s ruling on Agunloye’s bail application, Justice Onwuegbuzie set the bail amount at N50 million. The defendant is required to provide two sureties of means and repute, possessing landed property valued at N300 million. These sureties must deposit photocopies of the property documents and their passports with the court. Importantly, they must be residents of the Federal Capital Territory, with their residences subject to verification by the court registrar.
Additionally, Justice Onwuegbuzie specified that Agunloye must surrender his passport to the court and is prohibited from traveling abroad without prior permission from the court.