Dr. Olu Agunloye, the former minister of power and steel, has been designated as sought by the Economic and Financial Crimes Commission (EFCC) in connection with a $6 billion purported scam involving the contentious Mambilla hydropower project.
Agunloye was at the center of the Mambilla project dispute, which included the awarding of a $6 billion contract to Sunrise Power and Transmission Ltd. while serving as a minister under President Olusegun Obasanjo’s government (1999–2003).
Through its official X platform (previously Twitter), the EFCC declared Agunloye wanted and asked the public to submit any information regarding his whereabouts to the local police station or the Commission immediately.
The Mambilla project has been beset by delays and controversy since its start, despite its original goal to be a significant hydroelectric power plant in Nigeria. Agunloye gave Sunrise Power and Transmission Ltd., a business with dubious qualifications and little funding, the project contract in 2003.
Agunloye’s authority to authorize a contract this size was questioned by Obasanjo, who expressed reservations about the project and demanded an explanation for the disparities. In his defense, Agunloye stated that the government would not be responsible for any payments because the contract was a Build, Operate and Transfer (BOT) arrangement.
Still, questions lingered over the validity of the agreement and Agunloye’s conduct. The EFCC then looked into him for possible mismanagement and dubious financial activities connected to the Mambilla project.
The nature of the contract given to Sunrise Power and Transmission Ltd., Agunloye’s ability to authorize such a big deal without the necessary authority, the project’s funding source, and other important issues were the focus of the EFCC’s inquiry. Agunloye got a suspicious payment of an unspecified amount with the subject line “FRM LENO.”
According to reports from the inquiry, Agunloye utilized the “FRM LENO” cash for personal costs rather than for the original purpose, such as shopping and travel inside the United States. This revelation increased doubts and prompted further inquiries into Agunloye’s financial dealings while he served as a minister.
Agunloye’s location is unknown, hence the EFCC has issued a wanted statement and is aggressively pursuing his apprehension.