Categories: Crime Watch Headline

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.

Advertisement
Advertisement

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.” 

 

 

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. 

Advertisement
NewsOnline Nigeria

Recent Posts

  • Economy And Business

Widows, Wives, and Over 2,000 Residents of Ikeja Police Barracks Benefit from Healthcare and Aid Initiative

Over 2,000 individuals from the Ikeja Police Barracks community benefited from an impactful outreach program spearheaded by Young Professionals for Tinubu (YP4T), an…

17 hours ago
  • Featured

Open Heaven 24 December 2024 RCCG Daily Devotional

Open Heaven 24 December 2024 RCCG Daily Devotional can be accessed below.   NewsOnline Nigeria…

17 hours ago
  • Exchange Rates

Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 24 December 2024

Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 24 December 2024.…

17 hours ago
  • Crime Watch

BREAKING: Dele Farotimi Released From Prison Few Hours To Christmas

Dele Farotimi has been released from prison few hours to Christmas.   NewsOnline Nigeria reports…

17 hours ago
  • Crime Watch

BREAKING: Queen Naomi, Oriyomi, Fasasi Remanded In Prison Over Ibadan Stampede

Queen Naomi, Oriyomi, and Fasasi have been remanded in prison over the Ibadan stampede.  …

18 hours ago
  • Entertainment

New Edition of the ‘I Just Saw Jesus’ Book Extends 40-Year Legacy of Media Ministry

Forty years after the release of the original JESUS film, Jesus Film Project is releasing an…

18 hours ago