EFCC Declares Former Minister Agunloye Wanted Over $6billion

Olu Agunloye, Former Minister of Power and Steel

Olu Agunloye, a former power minister, is wanted by the EFCC for alleged $6 billion in fraud

Olu Agunloye, a former minister of power and steel, has been listed as wanted by the Economic and Financial Crimes Commission (EFCC) due to allegations of a $6 billion fraud.

On Tuesday, December 12, the anti-graft agency issued a wanted statement for the minister, who was under former President Olusegun Obasanjo from 1999 to 2003, regarding an alleged case of corruption and forgery.

Olu Agunloye, a former minister of steel and power

Olu Agunloye, a former minister of power and steel, has been listed as wanted by the Economic and Financial Crimes Commission (EFCC) due to suspected fraud.

The commission asked Nigerians who know Agunloye's whereabouts to report to the closest police station or contact the EFCC on his verified Facebook page.

The EFCC stated: “Dr. U Agunloye is wanted by the EFCC. You know his whereabout? Please don't hesitate to inform the EFCC or the nearest Police Station.”

Agunloye had been invited by the EFCC to be questioned regarding his involvement in the $6 billion Mambila hydropower contract.

Chief Olusegun Obasanjo, the former president, accused Agunloye of mismanaging the power project from 1999 to 2003 and neglected to provide him with an update on the project's status.

Obasanjo asserted in an interview that Agunloye had fraudulently awarded the power project contract without the Federal Executive Council's (FEC) consent.

Agunloye had been invited by the EFCC to be questioned regarding his involvement in the $6 billion Mambila hydropower contract.

Chief Olusegun Obasanjo, the former president, accused Agunloye of mismanaging the power project from 1999 to 2003 and neglected to provide him with an update on the project's status.

Obasanjo asserted in an interview that Agunloye had fraudulently awarded the power project contract without the Federal Executive Council's (FEC) consent.

Agunloye responded by stating that he oversaw the awarding of the Build, Operate, and Transfer contract for the Mambilla Power Project in May 2003.

According to him, Sunrise was to be fully funded by the recently registered company, whose declared assets were valued at less than $2,000 at the time, so the government was not required to pay a kobo under the terms of the build, operate, and transfer (BOT) agreement.

However, Agunloye remained silent about where and how he obtained approval to commit the government to a $6 billion project during his presidency—ministers, according to Obasanjo, could not approve more than N25 million.

The controversy and a questionable payment that was purportedly linked to the former minister's bank account prompted the EFCC to question him.

The payment labeled “FRM LENO” was purportedly linked to his account subsequent to his involvement with the federal government in the contentious contract granted to Sunrise Power Ltd, which was advocated by Leno Adesanya.

It was learned that the EFCC had uncovered several transactions that it deemed “inappropriate” and that might significantly affect the arbitration between Sunrise Power and government officials.

A transfer labelled “FRM LENO” was allegedly made to Agunloye by a Sunrise Power official, according to reports. However, Sunrise claimed the payment was a “cultural payment” made to cover the former minister's medical costs.

Nevertheless, an additional examination conducted by the EFCC seemed to indicate that Agunloye did not use the funds for medical bills, but rather for shopping and travel in Orlando, Florida, in the United States.

It was reported that the revelation of the bank transfers set off an additional inquiry that began in the 2000s.

See visual notification posted on EFCC social media