Alleged $6bn Fraud: Ex-Minister Of Power, Steel To Face Trial Starting February 12

In a development, Justice J. O Onwuegbuzie of the Federal Capital Territory (FCT) High Court in Apo, Abuja, has announced the commencement of the trial of Olu Agunloye, a former Minister of Power and Steel Development.

The trial, set to begin on February 12, 2024, is in response to seven-count charges brought by the Economic and Financial Crimes Commission (EFCC), alleging fraudulent award of contracts and official corruption amounting to $6 billion.

During Thursday’s session, the court considered Agunloye’s bail application. Abba Muhammed, the prosecution counsel objected, presenting two counter affidavits to the bail application.

“We are objecting to the general application by the defendant in an affidavit made on January 8, 2024,” stated Muhammed, highlighting the counter-affidavit filed on January 10, 2024.

Defence counsel Adeola Adedipe, SAN, requested the court to grant bail on liberal terms, citing the defendant’s underlying health condition.

In response, Justice Onwuegbuzie granted Agunloye bail in the sum of N50 million, requiring two reputable sureties residing in the FCT. These sureties must provide identity cards, international passports, evidence of property ownership worth N300 million in Maitama, Abuja, and submit affidavits of means, pledging to produce the defendant throughout the case.

Additionally, Agunloye was ordered to surrender his travel documents, with restrictions on international travel without court permission. The court will verify his residential address.