Mambilla Power Plant: EFCC Arraigns Olu Agunloye for $6bn Fraud

The Economic and Financial Crimes Commission (EFCC) on Wednesday, January 10, 2024 arraigned a former Minister of Power and Steel Development, Olu Agunloye before Justice J.O Onwuegbuzie of the Federal Capital Territory, FCT, High Court, Apo, Abuja.

He was arraigned on seven count charges bordering on fraudulent award of contract and official corruption.

One of the count reads: “That you, Olu Agunloye, whilst being the Minister of Power and Steel on or about the 22nd of May, 2003 in Abuja, within the jurisdiction of this honourable court awarded a contract, titled  “Construction of 3,960mw Mambilla Hydroelectric Power Station on a Build, Operate and Transfer Basis” to Sunrise Power and Transmission  Company Limited without any budgetary provision, approval and cash  backing and you thereby committed an offence contrary to and punishable  under Section 22(4) of the Corrupt Practices and other Related Offences Act, 2000.”

Another count reads: “That you, Olu Agunloye, on or about the 10th of August, 2019 in Abuja, within the jurisdiction of this honourable court, corruptly received the sum of Three Million Six Hundred Thousand Naira (N3,600,000.00) through your Guaranty Trust Bank account no.0022530926 from Sunrise Power and  Transmission Company Limited (SPTCL) and Leno Adesanya for having  conveyed the “approval of the Government of the Federal Republic of  Nigeria for the construction of the 3,960 megawatts Mambilla  Hydroelectric Power Station” in favour of SPTCL which you did whilst  serving as the Minister of Power and Steel without the approval of the  Federal Executive Council contrary to and punishable under Section 8(1)(a) and (b) of the Corrupt Practices and Other Related Offences Act, 2000.”

He pleaded “not guilty” to all the charges when they were read to them.

Thereafter, prosecution counsel, Abba Muhammed, prayed the court for a trial date and to remand the defendant in a Correctional Centre. Defence counsel,  Adola Adedipe, SAN, informed the court that he has filed a bail application for the defendant and prayed the court to grant him bail and commit him to the custody of the EFCC.

Justice Onwuegbuzie ruled that the defendant be remanded in Kuje Correctional Centre and  set Thursday, January 11, 2024 for hearing on the bail application.