Alleged $6bn Fraud: EFCC Frees Former Power Minister

Olu Agunloye, the former Minister of State for Power, has been granted freedom by the Economic and Financial Crimes Commission (EFCC) merely a week following his initial detention.

Dele Oyewale, the spokesperson for EFCC, confirmed Agunloye’s release on Wednesday.

Agunloye had been declared wanted by the EFCC in connection to an alleged $6 billion fraud associated with the contentious Mambilla hydropower project.

The anti-corruption agency had urged individuals with information about his whereabouts to come forward. This development follows an earlier interaction in September when Agunloye was interviewed by the EFCC regarding the same matter.

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Back Story

Delving into the backstory of this convoluted case reveals a clash between Agunloye and former President Olusegun Obasanjo, who accused him of mismanagement and insufficient briefings during his tenure from 1999 to 2003. Obasanjo specifically questioned Agunloye’s award of a $6 billion contract to Sunrise Power and Transmission Ltd for the Mambilla Power Project.

Agunloye defended his actions, stating that the initial contract was granted as a Build, Operate, and Transfer (BOT) agreement, asserting that the government wouldn’t incur any financial obligation.

However, crucial details regarding the authorization for such a massive government project, especially given Obasanjo’s cap on ministerial approval, remained undisclosed by Agunloye.

The EFCC’s investigation into Agunloye’s deal uncovered a questionable payment linked to his bank account under the description “FRM LENO,” allegedly tied to the disputed contract awarded to Sunrise Power Ltd, promoted by Leno Adesanya.

Shockingly, EFCC findings indicated that the funds were spent on shopping and transportation in the United States, raising further questions.

This revelation led to a deeper probe spanning back to the 2000s, unraveling the complexity and gravity of the alleged financial mismanagement entwined with the Mambilla hydropower project.

As Agunloye navigates the legal terrain with his release on bail, the investigation continues, shedding light on the intricacies of governmental transactions and accountability.