EFCC declares ex-minister Agunloye wanted over $6billion fraud

The Economic and Financial Crimes Commission (EFCC) has declared Olu Agunloye, a former Minister of Power and Steel, wanted over an alleged fraud.

Agunloye was the minister of power and steel under former President Olusegun Obasanjo from 1999 to 2003.

The anti-corruption agency, in a post on its X account on Wednesday, urged Nigerians with information on his location to report to the closest police station or the commission.

It partly reads, “Dr. U. Agunloye is wanted by the EFCC. Do you know his location? Please don’t hesitate to inform the EFCC or the closest police station.”

The EFCC had previously invited Agunloye for questioning over his role in the $6 billion Mambilla hydropower contract, but he refused their invitation.

Obasanjo had earlier blamed Agunloye for mismanaging the power project and challenged Agunloye to tell Nigerians how he got approval without the Federal Executive Council (FEC) to award a $6 billion contract to Sunrise Power and Transmission Ltd. for the project in 2003.

Responding to the allegations, Agunloye said that the initial contract for the Mambilla Power Project was awarded as a build-operate-and-transfer contract in May 2003 under his supervision.

He also said that the government was not required to pay a kobo to Sunrise under the build, operate, and transfer (BOT) agreement as it was to be fully financed by the newly registered company, whose declared assets were worth less than $2,000 at the time.

The former minister was interrogated by the EFCC over the controversy and a dubious payment that was allegedly traced to his bank account.