EFCC Declares Former Minister Agunloye Wanted for Alleged $6 Billion Fraud
In a significant development, the Economic and Financial Crimes Commission (EFCC) has declared Dr. Olu Agunloye, a former Minister of Power and Steel under President Olusegun Obasanjo, wanted for an alleged $6 billion fraud.
The anti-graft agency’s notification, posted on its Facebook account, urges anyone with information on his whereabouts to contact the EFCC or the nearest police station.
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Agunloye served as a minister during the Obasanjo administration from 1999 to 2003. The EFCC’s move comes in the wake of an invitation extended to Agunloye for questioning regarding his role in the $6 billion Mambila hydropower contract. However, he did not honor the agency’s invitation.
The Mambila power project was approved during Agunloye’s tenure, but allegations suggest it lacked the approval of the Federal Executive Council (FEC).
Former President Obasanjo, in an interview, distanced himself from the contract award, challenging Agunloye to clarify the basis on which he awarded a $6 billion contract to Sunrise Power and Transmission Ltd in 2003.
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In response, Agunloye explained that the initial contract for the Mambilla Power Project was awarded as a build-operate-and-transfer contract in May 2003 under his supervision.
He emphasized that the government was not obligated to pay any amount under the build, operate, and transfer (BOT) agreement, as the funding was to be fully provided by the newly registered company. At the time, the declared assets of the company were reportedly worth less than $2,000.
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The EFCC’s declaration of Agunloye as wanted raises questions about the ongoing investigations into the Mambila hydropower contract and the potential legal ramifications for the former minister. As the situation unfolds, stakeholders and the public await further developments and clarification on the alleged financial misconduct.
