Justice Jude Onwuegbuzie of the Federal Capital Territory (FCT) High Court on Thursday granted the ex-Minister of Power and Steel, Olu Agunloye, bail in the sum of N50 million.
The Economic and Financial Crimes Commission (EFCC) arraigned Agunloye on a seven-count charge of fraudulent award of a contract and official corruption on Wednesday.
He was docked for alleged $6 billion fraud in the Mambilla Hydropower Contract.
In the bail application filed on Thursday, the ex-minister’s counsel, Adeola Adedipe, urged the court to grant bail to his client on liberal terms.
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He also appealed to the court not to order the use of a public servant as surety for his client.
In his ruling, Justice Onwuegbuzie granted the bail in the sum of N50 million and two sureties in like sum.
He said the sureties must be “reputable and “people of means” living in the FCT.
The judge adjourned the matter till February 12.
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