EFCC declares former minister Agunloye wanted over $6billion fraud
Guardian NigeriaDec 12, 2023 9:23 PM
The Economic and Financial Crimes Commission (EFCC) has declared a former Minister of Power and Steel, Olu Agunloye, wanted over alleged fraud. The commission in his verified facebook page urged Nigerians who knows the whereabout of Agunloye to report to the nearest police station or inform the EFCC. The EFCC stated: "Dr. U Agunloye is…

Former minister of power and steel Olu Agunloye
The Economic and Financial Crimes Commission (EFCC) has declared a former Minister of Power and Steel, Olu Agunloye, wanted over alleged fraud.

The commission in his verified facebook page urged Nigerians who knows the whereabout of Agunloye to report to the nearest police station or inform the EFCC.

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

The EFCC had invited Agunloye for questioning over his role in the $6 billion Mambila hydropower contract.

Former President, Chief Olusegun Obasanjo had accused Agunloye of mismanaging the power project during his tenure from 1999 to 2003 and failed to brief him on the state of the project.

In an interview, Obasanjo claimed that Agunloye fraudulently awarded the contract for the power project without the approval of the Federal Executive Council (FEC).

Obasanjo challenged Agunloye to tell Nigerians where he derived the authority to award a $6 billion contract to Sunrise Power and Transmission Ltd in respect of the project in 2003.

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.

Agunloye was, however, silent on where and how he got authorization to commit the government to a $6 billion project when, according to Obasanjo, ministers could not approve more than N25 million when he was president.

The EFCC quizzed the former minister over the controversy and a suspicious payment that was reportedly traced 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.

It was gathered that the EFCC discovered a number of transactions between Sunrise Power and government officials that it considers “inappropriate” and could have a material impact on the arbitration.

There was a transfer, according to reports that was allegedly made by a Sunrise Power official to Agunloye with the description “FRM LENO”, but Sunrise said it was a “cultural payment” to support the former minister’s medical expenses.

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.

Guardian NigeriaDec 12, 2023 9:23

The politician are the real yahoo o. $6b. But efcc is only after their share. Because how many people have they prosecute?

Yorubas stealing Nigeria dry

Like they made any attempt to arrest him before announcing him

Fubara they declared wanted is Rivers State governor today

Very uselèss agency

Buhari was just approving anything, no due diligence, he might not even read the contract terms and conditions

Or

He is also complicit in the scam and getting his percentage


.