A former Minister of Power and Steel, Dr. Olu Agunloye, remanded in Kuje Correctional Centre, near Abuja by a Federal Capital Territory High Court in Apo, has been granted bail in the sum of N50 million.
The Economic and Financial Crimes Commission, EFCC, had charged the former Minister before Justice J.O. Onwuegbuzie on Wednesday over his alleged role in an alleged $6 billion fraud in the Mambila Hydroelectric Power Station project.
But he pleaded not guilty to the charges.
Recall that Dr. Agunloye served as minister between 1999 and 2003 under the administration of former President Olusegun Obasanjo.
At the initial proceedings on Wednesday, Justice Onwuegbuzie had ruled that the former Minister be granted bail in the sum of N50 million with two sureties in like sum.
The sureties, the Judge further ordered, must be “reputable” and “people of means” who must be resident within the Federal Capital Territory and have properties worth N300m with a verifiable Certificate of Occupancy to boot.