Ex-Minister, Agunloye Wanted By EFCC Over $6 Billion Fraud

A former Nigerian Power and Steel leader, Olu Agunloye, is now on the wanted list of the anti-corruption agency, EFCC, for alleged financial fraud.

EFCC through its official Facebook page, urged Nigerians who have information about Agunloye’s whereabouts to come forward. They can either contact the nearest police station or directly inform their agency.

The statement from the EFCC 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.”

Freshreporters News reports that former President Obasanjo previously accused Agunloye of mishandling the power project during his time in office (1999-2003) and failing to keep him updated on its progress.

In a recent interview with TheCable, Obasanjo claimed that Agunloye gave a fraudulent contract for the project without approval from the mandatory government body, the Federal Executive Council (FEC).

Obasanjo challenged Agunloye to explain to Nigerians how he authorized a $6 billion deal with Sunrise Power and Transmission Ltd for the project back in 2003.

In response, Agunloye explained that the initial Mambilla Power Project contract, awarded as a “Build, Operate and Transfer” agreement in 2003 under his watch, had a different structure.

He stated that the government wouldn’t pay anything to Sunrise under the agreement as it was fully funded by the newly established company, whose assets at the time were less than $2,000.

However, Agunloye remained silent about how he got the authority to commit the government to a $6 billion project when, according to Obasanjo, ministers could only approve up to N25 million during his presidency…[CONTINUE READING HERE]>>