Ex-Minister of Power Agunloye remanded in Kuje prison over $6bn Mambilla fraud
The Economic and Financial Crimes Commission (EFCC) has arraigned Olu Agunloye, former Minister of Power and Steel, over allegations of fraud related to the $6 billion Mambilla hydropower contract.
Agunloye pleaded not guilty and has been remanded in Kuje prison, pending the perfecting of bail conditions.
The EFCC declared Agunloye wanted on charges of corruption and had asked the public to provide information about his whereabouts.
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A source close to the investigation revealed that Agunloye turned himself in after being declared wanted in December 2023.
Former President Olusegun Obasanjo challenged Agunloye to explain the authority behind awarding a $6 billion contract to Sunrise for the Mambilla hydropower project in 2003.
In response, Agunloye stated that the government was not obligated to pay anything to Sunrise under the build, operate, and transfer (BOT) agreement, as the project was meant to be fully funded by Sunrise.
The case sheds light on suspicious payments made by Sunrise Power and Transmission Ltd to Agunloye’s bank accounts, as well as his resignation as SDP national chairman to “respect zoning arrangement.”