ADVERTISEMENT
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Thursday, October 30, 2025
NewsOnline Nigeria
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
NewsOnline Nigeria
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
ADVERTISEMENT
Home Crime Watch

BREAKING: Obasanjo Power Minister, Olu Agunloye Declared Wanted By EFCC Over Fraud

Agunloye, former minister of power under President Olusegun Obasanjo, was at the centre of the $6 billion Mambilla hydropower contract controversy and had been quizzed by the Economic and Financial Crimes Commission (EFCC) over the affair over the years.  

by NewsOnline Nigeria
December 13, 2023
in Crime Watch, Headline
0
Olu Agunloye

Olu Agunloye

Former President Obasanjo Power Minister, Olu Agunloye has been declared wanted by EFCC over alleged $6Billion Mambilla hydropower contract fraud.

 

NewsOnline Nigeria reports that the Economic and Financial Crimes Commission (EFCC) has declared a former Minister of Power and Steel, Olu Agunloye, wanted over an alleged $ 6 billion fraud. 

 

This Nigeria news platform understands that Agunloye, former minister of power under President Olusegun Obasanjo, was at the centre of the $6 billion Mambilla hydropower contract controversy and had been quizzed by the Economic and Financial Crimes Commission (EFCC) over the affair over the years.  

 

READ ALSO: Umahi Exposes Huge Debt Ministry of Works Inherited From Buhari’s Government

 

The commission, via its official X (formerly Twitter) platform, called on Nigerians to report Agunloye’s whereabouts to the nearest police station or notify the EFCC. 

 

The EFCC stated:  “Dr U Agunloye is wanted by the EFCC. Do you know his whereabouts? Please don’t hesitate to inform the EFCC or the nearest Police Station.” 

 

https://twitter.com/officialEFCC/status/1734841460946596157?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1734841460946596157%7Ctwgr%5E77fdc10c05226504e733d3efe9aa901101443b0d%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fnairametrics.com%2F2023%2F12%2F13%2Fefcc-declares-former-minister-of-power-olu-agunloye-wanted-over-alleged-6billion-mambilla-hydropower-contract-fraud%2F

 

NewsOnline Nigeria recalls that Former President Obasanjo had accused Agunloye of mismanagement and inadequate briefings regarding the power project during his 1999-2003 term.

 

Obasanjo raised doubts about Agunloye’s authority in granting a $6 billion contract to Sunrise Power and Transmission Ltd for the project in 2003, urging him to explain. 

 

In his response, Agunloye said the nature of the initial contract for the Mambilla Power Project was awarded as a Build, Operate and Transfer contract in May 2003 under his watch. 

 

He said the government was not obliged to pay a kobo to Sunrise under the build, operate and transfer (BOT) agreement as it was to be fully funded by the newly registered company, whose declared assets were worth less than $2,000 at the time. 

 

However, Agunloye refrained from disclosing the details of the authorization he received to undertake a $6 billion government project, especially noteworthy given Obasanjo’s policy limiting ministerial approval to no more than N25 million. 

 

Meanwhile, the EFCC interrogated the ex-minister regarding the controversy and a questionable payment allegedly linked to his bank account. 

 

The payment with the description “FRM LENO” was allegedly traced to his account after he committed the federal government to the disputed contract awarded to Sunrise Power Ltd, promoted by Leno Adesanya. 

However, a further investigation by EFCC appeared to show that Agunloye spent the money on shopping and transportation around Orlando, Florida, in the United States, and not on medical expenses. 

The discovery of the bank transfers was said to have triggered another investigation dating back to the 2000s. 

Previous Post

Dubai COP28 Delegates Agree To Move Away From Fossil Fuels By 2050

Next Post

BREAKING: President Tinubu Under Pressure To Sack FCT Minister, Wike

Next Post
Wike

BREAKING: President Tinubu Under Pressure To Sack FCT Minister, Wike

Trending Stories

No Content Available

Latest Stories

1967–1970 Event in Eastern Nigeria

1967–1970 Event in Eastern Nigeria Was Genocide, Not War — Ohanaeze Youth Council

36 States

36 States, FCT Set for Lagos as NEC Approves Maiden Nigerian Foods & Culture Festival for December

Lagos

WALK FOR NATURE: Time for Lagos to Match Words with Action

Disqualified BBNaija Star Faith Adewale Surprised With ₦38 Million Car Gift

What I Consider Before Choosing a Partner – Kiddwaya

“You Can’t Manipulate This DNA” – Mohbad’s Wife Breaks Silence After Father-in-law’s Lawyer Withdraws From Case

Tiwa Savage Admits She Once Struggled with Her African Identity

Olamide Says He’s Not Desperate for International Recognition

NFF Leadership

NFF Leadership Under Investigation Over Alleged Mismanagement of $25m FIFA, CAF Grants

General Elections

NASS Proposal for General Elections in November 2026 Raises Fresh Controversies

NEWSONLINE NIGERIA

Get the Latest Naija News, Breaking News, Top Stories, World News, Business, Politics & Entertainment from NewsOnline Nigeria.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

ALERT US

Important Press Releases, Special Investigations: [email protected]

OFFICE ADDRESS

13 Poland Street, London, United Kingdom (UK)

Copyright © 2025 NewsOnline Nigeria

No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports

Copyright © 2023 Newsonline Nigeria