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Alleged $6 Billion Fraud: EFCC re-arraigns ex-power minister, Olu Agunloye

The former minister has consistently maintained his innocence of the charge preferred against him by the anti-graft agency.

• September 18, 2025
Olu Agunloye
Olu Agunloye

The Economic and Financial Crimes Commission on Thursday re-arraigned a former Minister of Power and Steel, Dr Olu Agunloye, for alleged infractions in the award of contract for Mambila Hydroelectric Power Station.

The EFCC had dragged Mr Agunloye, before Justice Jude Onwuegbuzie of Federal Capital Territory (FCT), Apo, Abuja, on amended seven count- charge, bordering on disobedient to presidential directive, forgery and receiving gratification.

At the resumed hearing in the matter, Prosecution counsel, M. K. Hussain, holding the brief of Abba Muhammed, SAN, informed the court that he was ready for the cross examination of PW3.

He also stated that, the prosecution had filed its second amended charge against the defendant.

He urged the court to allow the defendant to take his plea on the second amended charge.

But Counsel for Agunloye, Adeola Adedipe, SAN, did not object to his client taking plea to the second amended charge.

The amended seven count charge was subsequently read to the defendant and Mr Agunloye, however, pleaded not guilty to the amended charge.

In the amended charge marked FCT/HC/CR/617/2023, EFCC alleged that Mr Agunloye on May 22, 2003, knowingly disobeyed the directive of the President made at the Federal Executive Council meeting of May 21, 2023.

He claimed that the directive was in pursuant to the President’s powers under Section 5(1)(a) of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

The prosecution further alleged that the defendant went ahead and signed a letter addressed to Sunrise Power and Transmission Company Limited (SPTCL), conveying the “approval of the Government of the Federal Republic of Nigeria for the construction of the 3,960 megawatts Mambila Hydroelectric Power Station.”

EFCC also alleged that on May 22, 2003, Mr Agunloye conspired with Leno Adesanya of SPTCL now at large to do an illegal act to wit; forgery of a letter titled, “Construction of 3,960 megawatts Mambila Hydroelectric Power Station on a build, operate and transfer basis.”

The commission among others alleged that the former minister on different dates in 2019 received various sums of money, totalling N5.212 million from SPTCL and Leno Adesanya, through Jide Abiodun Sotirin through Mr Agunloye’s Guaranty Trust Bank (GTB) account, for conveying the Federal Government’s approval for the construction of the Mambila Hydroelectric Power Station.

The former minister has consistently maintained his innocence of the charge preferred against him by the anti-graft agency.

After his not-guilty plea, Mr Hussain informed the court that the PW3, Umar Hussein Babangida, was absent in court.

He, therefore, pleaded with the court to vacate the earlier dates of September 22 and 25 fixed for hearing the case, adding that the former dates had been communicated to the defence team.

Based on parties’ agreement, Justice Onwuegbuzie consequently adjourned the matter until October 9 for cross examination of the PW3.

(NAN)

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