Alleged $6bn fraud: EFCC re-arraigns ex-Minister of Power, Agunloye

By Ikechukwu Nnochiri

ABUJA–The Economic and Financial Crimes Commission, EFCC, connected Thursday, re-arraigned a erstwhile Minister of Power and Steel, Mr. Olu Agunloye, earlier a High Court of the Federal Capital Territory sitting astatine Apo, pursuing his alleged complicity successful a $6billion declaration fraud.

The anti-graft bureau had alleged that Agunloye, who served arsenic a Minister betwixt 1999 and 2003, nether the medication of erstwhile President Olusegun Obasanjo, had portion helium was successful the position, illegally awarded a declaration for the operation of 3,960mw Mambilla Hydroelectric Power Station connected a Build, Operate and Transfer Basis.

It told the tribunal that the contract, which was awarded to Sunrise Power and Transmission Company Limited, was done without immoderate budgetary provision, support and currency backing.

According to the EFCC, the embattled erstwhile Minister knowingly disobeyed a statesmanlike directive that was made aft a Federal Executive Council, FEC, gathering that held connected May 21, 2003, by issuing a missive to Sunrise Power and Transmission Company Limited, conveying Federal Government’s support for the contract.

The prosecution, which had accused the suspect of collecting N3. 6million kickback from the company, maintained that forged documents were relied upon to facilitate the declaration award.

However, the erstwhile Minister pleaded his innocence to the seven-count amended complaint that was work to him earlier proceedings Justice Jude Onwuegbuzie.

The prosecution counsel, Mr. M.K Hussein subsequently applied for a day to alteration the 3rd witnesser successful the substance to proceed his testimony.

Justice Onwuegbuzie adjourned the substance till October 9, 2025, for continuation of trial.

The tribunal had earlier granted the suspect bail to the tune of N50million with 2 sureties successful the similar sum.

Some of the number successful the complaint against him, read: “That you, Olu Agunloye, whilst being the Minister of Power and Steel connected oregon astir the 2nd of May, 2003 successful Abuja wrong the jurisdiction of this Honorable Court, knowingly disobeyed the directive of the President, made successful the Federal Executive Council gathering of 21st May 2003, directed astatine you pursuant to the Presidents’ powers nether Section 5(1) (a) of the Constitution of the Federal Republic of Nigeria 1999 (as amended) erstwhile you signed a missive addressed to Sunrise Power and Transmission Company Limited, conveying the support of the Government of the Federal Republic of Nigeria for the operation of the 3,960 megawatts Mambilla Hydroelectric Power Station and you thereby committed an offence contrary to and punishable nether Section 123 of the Penal Code Law.”

“That you, Olu Agunloye whilst being the Minister of Power and Steel and Leno Adesanya (at large) of Sunrise [Power and Transmission Company Limited, connected oregon astir the 22nd of May, 2003 successful Abuja wrong the jurisdiction of this Honourable Court, with intent to origin the Federal Republic of Nigeria (FRN) to participate into a declaration with Sunrise Power and Transmission Company Limited (SPTCL) utilized arsenic genuine, a mendacious papers titled, “Construction of 3,960mw Mambilla Hydroelectric Power Station connected a Build, Operate and Transfer Basis,” dated the 22nd of May, 2003, and thereby committed an offence contrary to Section 366 and punishable nether Section 364 of the Penal Code.”

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