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$6bn Mambilla Power Fraud: EFCC declares Olu Agunloye wanted



$6bn Mambilla Power Fraud: EFCC declares Olu Agunloye wanted

The Economic and Financial Crimes Commission (EFCC) has declared former minister of power and steel, Olu Agunloye, wanted over alleged $6 billion fraud.

Agunloye who served in the administration of former President Olusegun Obasanjo between 1999 and 2003, was declared wanted by the financial crimes agency over allegations of forgery and corruption.

The EFCC via its social media handles on Tuesday announced the public notice signed by its spokesperson, Dele Oyewale.

“The public is hereby notified that Olu Agunioye, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) in an alleged case of corruption and forgery.

$6bn Mambilla Power Fraud: EFCC declares Olu Agunloye wanted

EFCC declares Olu Agunloye wanted

“Olu, 75, is from Akoko North Local Government Area, Ondo State.

“His last known address; No. 20 Sold Boneh Way, Bodija, Ibadan.


“Anybody with useful information as to his whereabout should please contact the Commission in its  Benin, Kaduna, Ibadan, Sokoto, Maiduguri, Makurdi, Ilorin, Enugu, Kane, Lagos, Gombe, Uyo, Port Harcourt, and Abuja offices, or through this number (+2348093322644), it’s e-mail address: or the nearest polices station and other security agencies.” the notice reads.

Former president Obasanjo, in an interview with The Cable newspaper, accused the former minister of fraudulently awarding the contract for the multi-billion-naira Mambilla Hydropower Project without the approval of the Federal Executive Council.

The project, first awarded in 2003 to Sunrise Power and Transmission Limited by the Obasanjo administration, is the subject of decades of a legal dispute that is now under international arbitration between the company and the Nigerian government.

Obasanjo, in distancing himself from the mess that the project has become, claimed that he was not aware that the contract was awarded by his then-minister, Mr Agunloye.

Alledging fraud in the contract award, Mr. Obasanjo insisted that no minister in his administration had the power to award a contract beyond N25 million.




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