EFCC Looking for Obasanjo's Ally Over N7.5 Trillion Contract Scam

EFCC Agunloye n6 trillion 6 trillion naira
EFCC
Nigerian anti-graft agency, Economic and Financial Crimes Commission (EFCC), has focused its searchlight on a former Minister of the Federal Republic of Nigeria and a political ally to former President Olusegun Obasanjo who served under him between 1999 and 2003, Dr. Olu Agunloye. He was accused of a financial scandal up to the tune of $6 billion (approximately N7.5 billion as per N1250 to $1 exchange rate).

Chief Agunloye, who was appointed as Minister of Power and Steel, and later as a minister of state for Defense (Navy) is being accused of misappropriation of public funds during the investiture of $6 billion Mambilla Power project under the administration of former President Olusegun Obasanjo.

EFCC took to its official social media page to declare Dr. Agunloye wanted in connection with the stated allegation. The EFCC's statement reads "Dr. U Agunloye is wanted by the EFCC. If You know his whereabouts? Please don’t hesitate to inform the EFCC or the nearest Police Station.

Amazingly, former President Olusegun Obasanjo claimed he was not aware that such a project [to the tune of $6 billion] was awarded under his watch as the President of the country in 2003. However, Dr. Agunloye insisted that the contract he awarded as a Minister to Sunrise Power and Transmission Ltd did not require the government to pay a kobo to the [then] newly registered company, Sunrise Power and Transmission Ltd.

While former President Olusegun Obasanjo claimed that no minister had the power to approve a project above N25 million under his watch, Agunloye has been quiet about how the said company got the approval of the $6 billion power project under his watch as the minister of Power and Steel in May 2003 when the project was awarded and committed Nigeria to pay the Sunrise Power and Transmission Ltd $6 billion, even when Agunloye claimed that the assets of the said company was less than $2000 as of May 2003.

Category: World-News
Tag: EFCC Agunloye n6 trillion 6 trillion naira
Written by Author (author)
Published 12/13/2023 12:36:21 PM


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