Bail Granted: Ex-Power Minister Agunloye, Accused of $6 Billion Fraud, Released by EFCC

Infostride News reported that Olu Agunloye, the former Minister of State for Power, was granted bail by the Economic and Financial Crimes Commission (EFCC) just one week after his initial detention. The release, as confirmed by Dele Oyewale, the spokesman for EFCC, took place on a Wednesday.

Agunloye had been declared wanted by the EFCC in connection to an alleged $6 billion fraud linked to the Mambilla hydropower project, a project that has been marred by controversy. The anti-corruption agency had urged individuals with information about his whereabouts to come forward. This development came after the former minister had been interviewed by the EFCC in September on the same matter.

The backstory to this recent development involves accusations by former President Olusegun Obasanjo against Agunloye, accusing him of mismanagement and inadequate briefings regarding the power project during Obasanjo’s 1999-2003 term. Obasanjo specifically raised concerns about the $6 billion contract awarded to Sunrise Power and Transmission Ltd for the Mambilla Power Project in 2003. He called on Agunloye to explain his authority in granting such a contract.

In response, Agunloye clarified that the initial contract for the Mambilla Power Project was awarded as a Build, Operate and Transfer (BOT) contract in May 2003 under his watch. He emphasized that the government was not obligated to pay any amount to Sunrise under the BOT agreement, as the project was supposed to be fully funded by the newly registered company. Notably, the declared assets of the company were worth less than $2,000 at the time.

However, Agunloye refrained from providing details about the authorization he received to undertake a $6 billion government project. This raised eyebrows, especially considering Obasanjo’s policy limiting ministerial approval to no more than N25 million. During the EFCC’s interrogation of the ex-minister, questions were raised about a payment with the description “FRM LENO,” allegedly traced to his account after committing the federal government to the disputed contract awarded to Sunrise Power Ltd, promoted by Leno Adesanya.

Further investigations by the EFCC revealed that the funds from the described payment were spent on shopping and transportation around Orlando, Florida, in the United States, rather than on medical expenses as initially suggested. This discovery prompted the anti-corruption agency to delve into another investigation, spanning back to the 2000s.

Infostride News continues to follow the unfolding events surrounding Olu Agunloye and the alleged financial irregularities linked to the Mambilla hydropower project. The grant of bail marks a development in this ongoing saga, and the public awaits further details and revelations as the investigations progress.