A former Minister of Power and Steel Development, Olu Agunloye, has pleaded not guilty to a seven-count amended charge filed against him by the Economic and Financial Crimes Commission (EFCC). The charges stem from his alleged involvement in a $6 billion fraud linked to the Mambilla Hydroelectric Power Station contract.
Allegations Against Agunloye
Agunloye, who served as Minister between 1999 and 2003 under former President Olusegun Obasanjo, was re-arraigned before Justice Jude Onwuegbuzie of the FCT High Court in Apo. The EFCC alleges that while in office, he:
- Illegally awarded the 3,960MW Mambilla Hydroelectric Power Station contract on a Build, Operate, and Transfer (BOT) basis to Sunrise Power and Transmission Company Limited (SPTCL).
- Did so without budgetary provision, presidential approval, or financial backing.
- Received a total of N5.212 million in kickbacks from SPTCL and its promoter, Leno Adesanya, through an intermediary.
These actions, according to the EFCC, constitute forgery, fraudulent contract award, and corruption.
Bail and Trial Developments
Despite the fresh charges, Justice Onwuegbuzie upheld Agunloye’s earlier bail condition of N50 million, granted on January 11, 2024.
During the trial, the second prosecution witness (PW-2), Mr. Adewale Agunbiade, a former bank compliance officer, testified in court. However, under cross-examination by Agunloye’s lawyer, Adeola Adedipe (SAN), Agunbiade revealed:
- He is no longer an employee of the bank that handled the financial transactions in question.
- He did not have permission from his current employer to testify.
- The EFCC did not issue him a witness summons to appear in court.
- He was only called to testify because he previously handled the case documents while working at the bank.
Next Court Hearing
Following these revelations, Justice Onwuegbuzie adjourned the trial to February 24, 2025. The case continues to draw public interest, given its ties to one of Nigeria’s largest power projects and allegations of high-level corruption.
