EFCC Arraigns Olu Agunloye For $6bn Fraud, Remanded In Prison

The Economic and Financial Crimes Commission, EFCC, has arraigned a former minister of Power and Steel Development, Olu Agunloye, before a Federal Capital Territory (FCT), High Court, sitting in Apo, Abuja.
He was arraigned on seven count charges bordering on fraudulent award of contract and official corruption before Justice J.O. Onwuegbuzie.

One of the counts reads: “That you, Olu Agunloye, whilst being the Minister of Power and Steel on or about May 22, 2003 in Abuja, within the jurisdiction of this honourable court awarded a contract, titled „Construction of 3,960mw Mambilla Hydroelectric Power Station on a Build, Operate and Transfer Basis“ to Sunrise Power and Transmission Company Limited without any budgetary provision, approval and cash backing and you thereby committed an offence contrary to and punishable under Section 22(4) of the Corrupt Practices and other Related Offences Act, 2000.”

Another count reads: “That you, Olu Agunloye, on or about the 10th of August, 2019 in Abuja, within the jurisdiction of this honourable court, corruptly received the sum of Three Million Six Hundred Thousand Naira (N3,600,000.00) through your Guaranty Trust Bank account no.0022530926 from Sunrise Power and Transmission Company Limited (SPTCL) and Leno Adesanya for having conveyed the „approval of the Government of the Federal Republic of Nigeria for the construction of the 3,960 megawatts Mambilla Hydroelectric Power Station“ in favour of SPTCL which you did whilst serving as the Minister of Power and Steel without the approval of the Federal Executive Council contrary to and punishable under Section 8(1)(a) and (b) of the Corrupt Practices and Other Related Offences Act, 2000.”

He pleaded “not guilty” to all the charges when they were read to him.

Thereafter, prosecution counsel, Abba Muhammed prayed the court for a trial date and to remand the defendant in a Correctional Centre.

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But defence counsel, Adeola Adedipe (SAN) informed the court that he has filed a bail application for the defendant and prayed the court to grant him bail and remand him in the custody of the EFCC.
Justice Onwuegbuzie ordered his remand in Kuje Correctional Centre and set January 11, 2024 for hearing of the bail application.