Alleged $6bn Fraud: EFCC Re-arraigns Agunloye on Seven Amended Charges
The Economic and Financial Crimes Commission (EFCC) on Monday, February 3, 2024, re-arraigned former Minister of Power and Steel Development, Olu Agunloye, on seven amended charges related to fraudulent contract awards and official corruption. The charges were brought before Justice J.O. Onwuegbuzie of the Federal Capital Territory (FCT) High Court in Apo, Abuja.
The re-arraignment followed the amendment of earlier charges dated January 10, 2024.
In the first charge, Agunloye is accused of awarding a contract for the construction of the 3,960MW Mambilla Hydroelectric Power Station to Sunrise Power and Transmission Company Limited in May 2003, despite the absence of budgetary provisions, approval, and cash backing for the project. The charge states that Agunloye’s actions violated Section 22(4) of the Corrupt Practices and Other Related Offences Act, 2000.
The second charge accuses Agunloye of disobeying a directive from the then-President, issued during a Federal Executive Council meeting on May 21, 2003. The directive prohibited Agunloye from approving the construction of the Mambilla Hydroelectric Power Station. Despite the President’s directive, Agunloye allegedly signed a letter addressed to Sunrise Power, conveying government approval for the project, thus violating Section 123 of the Penal Code Law.
The case centers on an alleged $6 billion fraud related to the Mambilla Hydro project, a key infrastructure initiative that has been mired in controversy due to allegations of financial mismanagement and corruption. The trial is set to proceed, and Agunloye faces serious charges of official misconduct.
