The Economic and Financial Crimes Commission (EFCC) has released former Minister of State for Power, Olu Agunloye, on bail one week after he was detained.

EFCC Spokesman Dele Oyewale confirmed that Agunloye was released to his lawyer, Adeola Adedipe, yesterday on self-recognizance.

Weeks ago, the EFCC declared Agulonye wanted over an alleged $6 billion fraud related to the controversial Mambilla hydropower project.

Agunloye was a minister under President Olusegun Obasanjo’s government (1999–2003). He has been at the centre of the controversy about the Mambilla project.

Former President Obasanjo had accused him of fraudulently awarding the contract for the project without the Federal Executive Council's (FEC's) approval. But Agunloye denied the accusations and claimed the former president was distorting facts.