EFCC re-arraigns Agunloye for alleged $6bn fraud

EFCC Re-arraigns Agunloye in Shocking $6 Billion Fraud Case


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On Thursday, the Economic and Financial Crimes Commission (EFCC) reintroduced charges against Dr. Olu Agunloye, the former Minister of Power and Steel, accusing him of involvement in a $6 billion fraud linked to the contract award for the Mambila Hydroelectric Power Station. The case was brought before the Federal Capital Territory (FCT) High Court in Apo.

Dr. Agunloye faced an amended indictment comprising seven counts, including allegations of defying a presidential directive, forgery, and accepting bribes.

During the resumed session, the prosecution, represented by M. K. Hussain on behalf of Abba Muhammed (SAN), informed the court of their readiness to proceed with the cross-examination of the third prosecution witness (PW3).

Hussain also disclosed that the prosecution had submitted a second amended charge sheet against the defendant and requested the court to permit Dr. Agunloye to enter a plea on this updated charge.

The defense counsel, Adeola Adedipe (SAN), raised no objections to his client responding to the revised charges.

Subsequently, the court formally read the seven-count amended charge to Dr. Agunloye, who entered a plea of not guilty.

The charges, filed under case number FCT/HC/CR/617/2023, allege that on May 22, 2003, Dr. Agunloye deliberately disregarded a presidential directive issued during the Federal Executive Council (FEC) meeting held on May 21, 2003.

The EFCC contends that this directive was issued under the authority granted to the President by Section 5(1)(a) of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

Moreover, the prosecution claims that despite the directive, the former minister proceeded to sign a letter to Sunrise Power and Transmission Company Limited (SPTCL), which conveyed the Federal Government’s approval for the construction of the 3,960-megawatt Mambila Hydroelectric Power Station.

Following Dr. Agunloye’s not guilty plea, Hussain informed the court that the third prosecution witness, Umar Hussein Babangida, was not present in court.

He therefore requested the court to cancel the previously scheduled hearing dates of September 22 and 25, noting that these changes had been communicated to the defense team.

With the consent of both parties, Justice Jude Onwuegbuzie adjourned the case until October 9, when the cross-examination of PW3 is set to resume.


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