EFCC declares ex-minister, Agunloye, wanted over alleged $6bn fraud

The Economic and Financial Crimes Commission (EFCC), has declared former Minster of Power and Steel, Olu Agunloye, wanted over an alleged fraud.

Agunloye served as minister of power and steel under former President Olusegun Obasanjo between 1999 and 2003.

The EFCC, in a post on its X account on Wednesday, appealed to Nigerians with information about his whereabouts to report to the nearest police station or the commission.

The post reads: “Olu Agunloye is wanted by the EFCC. You know his whereabout? Please don’t hesitate to inform the EFCC or the nearest Police Station.”

The anti-graft agency, however, had earlier invited Agunloye for questioning over his role in the $6 billion Mambila hydropower contract, but he declined their invitation.

READ ALSO:EFCC arraigns businessman for alleged $39,554 fraud

Also, Obasanjo had earlier accused Agunloye of mismanaging the power project and challenged Agunloye to inform Nigerians how he got approval without the Federal Executive Council (FEC) to award a $6 billion contract to Sunrise Power and Transmission Ltd. in respect of the project in 2003.

In reaction, Agunloye noted that the nature of the initial contract for the Mambilla Power Project was awarded as a build-operate-and-transfer contract in May 2003 under his watch.

The former Minister also claimed that the government was not mandated to pay any money to Sunrise under the build, operate, and transfer (BOT) agreement as it was to be fully funded by the newly registered company, whose declared assets were worth less than $2,000 at the time.

He was later grilled by the EFCC over the controversy and a suspicious payment that was reportedly traced to his bank account.

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