Trial Set to Commence As Former Minister Olu Agunloye Faces $6 Billion Fraud Charges 

Trial Set to Commence As Former Minister Olu Agunloye Faces $6 Billion Fraud Charges ....KINDLY READ THE FULL STORY HERE▶

Written By Oshiobugie John

The trial of Olu Agunloye, a former Minister of Power and Steel Development, on charges of alleged fraudulent award of contract and official corruption amounting to $6 billion, is scheduled to begin on February 12, 2024. The trial will take place at the Federal Capital Territory, FCT, High Court in Apo, Abuja, under the jurisdiction of Justice J. O. Onwuegbuzie.

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Agunloye is facing a seven-count charge filed by the Economic and Financial Crimes Commission (EFCC) under Section 22(4) of the Corrupt Practices and Other Related Offences Act, 2000. The charges pertain to the fraudulent award of a contract and official corruption.

During a session held on January 11, 2023, to determine Agunloye’s bail application, the prosecution, represented by Abba Muhammed, strongly objected, presenting two counter-affidavits to the bail application. Defence counsel Adeola Adedipe, SAN, requested bail on liberal terms, citing the defendant’s underlying health condition.

Justice Onwuegbuzie, in his ruling, granted bail to Agunloye in the sum of N50 million, with two sureties in like sum. The sureties, residing in the Federal Capital Territory, must be reputable individuals and provide copies of their identity cards and international passports. Additionally, the sureties are required to submit an affidavit of means and undertake to produce the defendant in court throughout the case.

The judge mandated that the sureties must demonstrate ownership of property (C of O) worth N300 million within Maitama, Abuja. Agunloye is ordered to surrender his travel documents to the court registrar, refrain from traveling abroad without court permission, and undergo a verification process for his residential address by the court.

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