EFCC Declares Ex-Minister Olu Agunloye Wanted Over $6 Billion Mambilla Project Fraud

The Economic and Financial Crimes Commission (EFCC) has issued a public notice declaring Olu Agunloye, a former minister of power and steel, wanted due to allegations of his involvement in a $6 billion fraud case.

Agunloye served under former President Olusegun Obasanjo between 1999 and 2003.

The anti-graft agency communicated this information via a notification on its Facebook account, urging individuals with any information regarding Agunloye’s location to reach out to the agency or the police.

The post by the EFCC reads: “Dr. U Agunloye is wanted by the EFCC. Do you know his whereabouts? Please don’t hesitate to inform the EFCC or the nearest Police Station.”

According to Kanyi Daily, the anti-graft agency had invited Agunloye for questioning regarding his involvement in the $6 billion Mambila hydropower contract, but he did not respond to the invitation.

While Agunloye served under the former president, the Mambilla power project received approval, reportedly without the endorsement of the Federal Executive Council (FEC).

In an interview, Obasanjo firmly stated that he was unaware of who granted the contract.

Obasanjo challenged Agunloye to explain to the Nigerians the source of his authority to grant a $6 billion contract to Sunrise Power and Transmission Ltd for the project back in 2003.

Agunloye responded by stating that the initial contract for the Mambilla Power Project was granted as a build-operate-and-transfer contract during his tenure in May 2003.

Agunloye said that the government was not required to make any payments to Sunrise under the build, operate, and transfer (BOT) agreement.

He highlighted that the agreement was intended to be entirely funded by the newly registered company, which declared assets valued at less than $2,000 at that time

Kanyi Daily recalls that the All Progressives Congress, APC, and the Peoples Democratic Party, PDP, engaged in a verbal clash concerning an alleged plot by Governor Douye Diri to frame Chief Timipre Sylva with corrupt charges using the Economic and Financial Crimes Commission, EFCC.