Former Minister declared Wanted by EFCC

The Economic and Financial Crimes Commission (EFCC) has issued a public declaration stating the search for Olu Agunloye, a former Minister of Power and Steel, regarding alleged fraudulent activities during his tenure.

This announcement was made through the agency’s verified Facebook page, urging Nigerians with information about Agunloye’s whereabouts to notify the EFCC or the nearest police station.

The EFCC’s call for information comes in the wake of accusations against Agunloye by former President Olusegun Obasanjo. Obasanjo accused him of mismanaging a power project during his tenure between 1999 and 2003, alleging a lack of transparency in briefing him on the project’s status.

In a recent interview with TheCable, Obasanjo accused Agunloye of awarding a $6 billion contract to Sunrise Power and Transmission Ltd for the power project without obtaining the necessary approval from the Federal Executive Council (FEC). Obasanjo challenged Agunloye to clarify the source of authority for awarding such a significant contract.

Responding to these allegations, Olu Agunloye defended the nature of the initial contract for the Mambilla Power Project, asserting that it was awarded as a Build, Operate, and Transfer contract during his tenure.

He emphasized that under this agreement, the government was not financially obligated as the project was to be fully funded by the newly registered company, whose declared assets at the time were valued at less than $2,000.

However, Olu Agunloye remained silent on how he obtained authorization to commit the government to a $6 billion project, especially considering Obasanjo’s claim that ministers were not authorized to approve amounts exceeding N25 million during his presidency.