In a significant development, the Economic and Financial Crimes Commission (EFCC) has declared former Minister of Power and Steel, Olu Agunloye, wanted over alleged fraud.
Serving during former President Olusegun Obasanjo's administration between 1999 and 2003, Agunloye has come under scrutiny for his role in the $6 billion Mambila hydropower contract. The EFCC, in a public statement, urged Nigerians with information on Agunloye's whereabouts to come forward.
This move follows Agunloye's refusal to honor the EFCC's earlier invitation for questioning regarding the controversial power project. Former President Obasanjo had accused Agunloye of mismanaging the project, challenging him to explain the approval process for awarding the hefty contract without Federal Executive Council (FEC) authorization.
In response, Agunloye defended the initial contract as a build-operate-and-transfer agreement, refuting claims of financial impropriety.
The former minister is now facing EFCC scrutiny over the controversy and a reported suspicious payment traced to his bank account.
This unfolding story raises questions about the integrity of the power project and the financial practices during Agunloye's tenure, prompting a broader investigation into the alleged $6 billion fraud.
