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JUST IN: Ex-minister, Agunloye Released From Prison

Published

2 years ago

January 19, 2024

Editor

A former Minister of Power and Steel, Olu Agunloye, has been released from the Kuje Correctional Centre after meeting up with his bail condition, PUNCH Online gathered.

It was learnt that Agunloye was released on Friday.

The spokesperson for the Federal Capital Territory Command of the Nigerian Correctional Service, Adamu Duza, confirmed this to our correspondent.

Duza said, “Agunloye has been released from the prison after meeting his bail condition. He was released this evening around 5:30pm.”

A Federal High Court in Abuja had ordered the remand of Agunloye in Kuje Custodial Centre over a $6 billion Mambilla hydropower contract.

The Economic and Financial Crimes Commission arraigned Agunloye before the Federal High Court in Abuja where he pleaded not guilty to the charges read against him.

The judge, however, ordered that the embattled former minister be remanded in Kuje custodial centre pending when bail would be granted.

It will be recalled that the EFCC declared Agunloye wanted in connection with a $6 billion power scheme involving the Mambilla hydropower project.

EFCC alleged that Agunloye, who served as a minister between 1999 and 2003, under the administration of former President Olusegun Obasanjo, illegally awarded a contract for the construction of a 3,960 MW Mambilla hydroelectric power station on a build, operate, and transfer basis.

The agency told the court that the contract, which was awarded to Sunrise Power and Transmission Company Limited, was done without any budgetary provision, approval, or cash backing.

Agunloye was equally alleged to have corruptly received kickback to the tune of N3.6 million from the company he awarded the contract to.

However, the defendant, who had also served as a Minister of State for Defence, pleaded not guilty to the charge when he was docked, even as the court remanded him in Kuje prison pending the decision on his bail application.

The Mambilla hydropower project, initiated in 2003, has been embroiled in legal disputes and allegations of corruption.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

4 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

4 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

6 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.