BREAKING: EFCC Declares Former Minister Wanted For Fraud (PHOTO)

BREAKING: EFCC Declares Former Minister Wanted For Fraud (PHOTO)

Tagged: “Olu Agunloye Is Wanted By The EFCC,” the EFCC wrote: “Dr. U Agunloye is wanted by the EFCC. You know his whereabouts? Please don’t hesitate to inform the EFCC or the nearest Police Station.”

“The public is hereby notified that Olu Agunloye, whose photograph appears above is wanted by the Economic and Financial Crimes Commission (EFCC) in alleged case of Corruption and Forgery.”

According to SaharaReporters, the Economic and Financial Crimes Commission (EFCC) invited Dr. Olu Agunloye for questioning regarding his involvement in the $6 billion Mambila hydropower contract.

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This move came after former President Olusegun Obasanjo accused Agunloye of mismanagement during his tenure from 1999 to 2003, alleging that Agunloye failed to brief him on the project’s status.

In an interview, Obasanjo asserted that Agunloye had fraudulently awarded the contract without the necessary approval from the Federal Executive Council (FEC). Obasanjo challenged Agunloye to clarify the authority under which he awarded the $6 billion contract to Sunrise Power and Transmission Ltd for the Mambilla Power Project in 2003.

Agunloye responded, stating that the initial contract was awarded as a Build, Operate and Transfer agreement in May 2003. He emphasized that, under the build, operate, and transfer (BOT) agreement, the government was not obligated to fund the project, as Sunrise Power was expected to fully finance it.

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However, Agunloye did not address how he obtained authorization for a $6 billion project, considering Obasanjo’s claim that ministers could not approve amounts exceeding N25 million during his presidency.

Subsequently, the EFCC arrested and questioned Agunloye over the controversy and a suspicious payment traced to his bank account. The payment, labeled “FRM LENO,” was reportedly linked to the disputed contract awarded to Sunrise Power Ltd, promoted by Leno Adesanya.

EFCC investigations uncovered transactions between Sunrise Power and government officials deemed “inappropriate,” with potential implications for the arbitration process. One transfer, described as a “cultural payment” for Agunloye’s medical expenses, was allegedly spent on shopping and transportation in Orlando, Florida, rather than medical costs, as claimed by Agunloye. These revelations prompted additional investigations into the bank transfers.

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