$6bn Mambilla Saga: Ex-minister Olu Agunloye Remanded In Kuje Prison

Ex-minister Olu Agunloye Remanded In Kuje Prison

Olu Agunloye, the former minister of power and steel for Obasanjo, is arrested by the EFCC and sent to Kuje Prison

Olu Agunloye, a former minister of power and steel, has been charged by the EFCC regarding the $6 billion Mambilla hydropower contract.

Following his appearance before the federal high court in Abuja on Wednesday, Agunloye entered a not guilty plea to the charges brought against him.

The former minister is being held under remand at Kuje prison until his bail is approved.

Agunloye was listed as wanted by the EFCC on December 13 due to suspected corruption.

The public was urged to get in touch with the anti-graft agency if they had any important information regarding Agunloye's whereabouts.

After that, Agunloye turned himself in after being declared wanted, according to a source with knowledge of the investigation said.

“Since December 14, 2023, a day after we declared him wanted, was when he turned himself in and since then he has been with us,” the source said.

A DEAL THAT WAS SHROUD IN DISPUTS

Alleging a breach of contract regarding the Mambilla hydropower project, Sunrise Power is engaged in arbitration with Nigeria at the International Chamber of Commerce (ICC), located in Paris, France.

Sunrise is requesting $2.3 billion in compensation, arguing that prior to the contract being terminated, it had already spent millions of dollars on legal and financial consultants.

It was reported in September that the EFCC had tracked down Agunloye's bank accounts to be the source of some suspicious payments made by Sunrise Power and Transmission Ltd.

Obasanjo also issued a challenge to Agunloye, asking him to explain to the Nigerian people from where he got the power to give Sunrise a $6 billion contract for the Mambilla hydropower project in 2003.

In response, Agunloye stated that since Sunrise was to be fully funded by the recently registered company, whose declared assets were valued at less than $2,000 at the time, the government was not required to pay a kobo under the build, operate, and transfer (BOT) agreement.