Former Minister Declared Wanted by EFCC Over Alleged Fraud  - The Top Society

Former Minister Declared Wanted by EFCC Over Alleged Fraud 


The Economic and Financial Crimes Commission (EFCC) has declared the former Minister of Power and Steel, Olu Agunloye, wanted for alleged fraud.

The anti-graft agency made the announcement via its verified Facebook page, urging Nigerians with information on Agunloye’s whereabouts to report to the nearest police station or contact the EFCC directly.

The EFCC stated,

“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.”

The move comes after former President Olusegun Obasanjo accused Agunloye of mismanaging the power project during his tenure from 1999 to 2003, alleging that the former minister failed to provide updates on the state of the project.

Obasanjo, in a recent interview with TheCable, claimed that Agunloye fraudulently awarded a $6 billion contract for the Mambilla Power Project to Sunrise Power and Transmission Ltd without obtaining approval from the Federal Executive Council (FEC).

Challenging Agunloye, Obasanjo questioned the authority under which the former minister granted the significant contract in 2003, stating that ministers were restricted to approving projects not exceeding N25 million during his presidency.

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In response, Agunloye defended the nature of the initial contract for the Mambilla Power Project, asserting that it was awarded as a Build, Operate, and Transfer (BOT) contract in May 2003 under his watch. He clarified that the government was not obligated to pay any amount under the BOT agreement, as the project was meant to be fully funded by Sunrise Power and Transmission Ltd.

Agunloye emphasized that the company’s declared assets at the time were valued at less than $2,000.

However, Agunloye remained silent on the matter of obtaining proper authorization for committing the government to a $6 billion project, especially in light of Obasanjo’s claim regarding the limited approval authority for ministers during his presidency.

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