The Economic and Financial Crimes Commission (EFCC) has declared former Minister of Power and Steel, Dr Olu Agunloye, wanted in connection with an alleged $6 billion fraud related to the controversial Mambilla hydropower project.
Agunloye, who served as minister during President Olusegun Obasanjo’s administration (1999-2003), was at the center of the Mambilla project controversy.
The EFCC, through its official X platform (formerly Twitter), announced his wanted status, urging the public to report any information about his whereabouts.
WANTED BY THE EFCC: OLU AGUNLOYE
Anyone with useful information as to his whereabouts should contact the EFCC or the nearest police station.#SayNoToCorruption#TowardsABetterNigeria pic.twitter.com/TYcSOzwrZW
— EFCC Nigeria (@officialEFCC) December 13, 2023
The Mambilla project, intended to be a major hydroelectric power plant in Nigeria, faced delays and controversies. Agunloye awarded the contract for the project to Sunrise Power and Transmission Ltd in 2003, a company with questionable credentials and limited financial resources.
Obasanjo raised concerns about the project, questioning Agunloye’s authority to approve the large contract and demanding explanations for discrepancies.
Agunloye defended himself, claiming it was a Build, Operate and Transfer (BOT) agreement with no government financial obligations.
However, doubts persisted about the contract’s legitimacy and Agunloye’s actions, leading to an EFCC investigation.
The focus included the contract awarded to Sunrise Power and Transmission Ltd, Agunloye’s authority, the source of project funds, and a suspicious payment labeled “FRM LENO.”
The investigation revealed Agunloye used the “FRM LENO” funds for personal expenses in the United States, raising suspicions. With Agunloye’s whereabouts unknown, the EFCC has declared him wanted and is actively seeking his arrest.