latest
“Mambilla Project: Obasanjo Directed Agunloye To Add ₦11B To Budget — EFCC Witness”.
A prosecution witness on Wednesday told a Federal High Court in Abuja that former President Olusegun Obasanjo allegedly instructed former Minister of Power and Steel, Olu Agunloye, to add ₦11 billion to the ₦6 billion already allocated in the 2003 budget for the Mambilla Hydroelectric Power Project.....KINDLY READ THE FULL STORY HERE▶
The disclosure was made by Umar Babangida, an Assistant Commissioner of Police and EFCC investigator, during his continued cross-examination by the defendant’s counsel, Adeola Adedipe (SAN).
Agunloye is standing trial before Justice Jude Onwuegbuzie at the Apo division of the Federal High Court, Abuja, on an amended seven-count charge including disobedience to presidential directive, conspiracy, forgery, and receipt of gratification.
The former minister, being prosecuted by the EFCC on behalf of the Federal Government, is accused of conspiring with Leno Adesayan of Sunrise Power and Transmission Company Limited to forge a letter titled “Construction of 3,960MW Mambilla Hydroelectric Power Station on a Build, Operate and Transfer Basis.” Agunloye has pleaded not guilty to all charges.
Testifying as the third prosecution witness, Babangida said investigations revealed that Obasanjo was eager to fast-track the Mambilla project, which had been stalled for more than two decades. He noted that feasibility studies for the project dated back to 1981, and it took 23 years before the project was finally awarded in 2003 after screening seven interested companies.
According to Babangida, a private meeting was held between Obasanjo and Agunloye on the night of May 20, 2003, ahead of a Federal Executive Council meeting the following day.
“Yes, my Lord. The former president mentioned it at the Federal Executive Council meeting. However, the details of the previous day’s discussion were not fully disclosed by the former president,” the witness said.
He added that EFCC investigations indicated Obasanjo directed Agunloye to add ₦11 billion to the ₦6 billion already appropriated in the 2003 budget to kick-start the Mambilla project.
Babangida also told the court that the Federal Government could have contributed $1.5 billion as its 25 percent equity stake in the $6 billion project, which was to be executed on a build, operate, and transfer basis.
He explained that after the Federal Executive Council approved Agunloye’s memorandum on May 22, 2003, proposing 25 percent government equity, the then Vice President, Atiku Abubakar, and another minister suggested reviewing the level of government participation.
However, the witness clarified that the directive to withdraw the memorandum was not solely based on that suggestion.
“Several observations were raised by the former president, the former vice president, and other Executive Council members, which led to the Council directing the former minister to withdraw the memorandum,” Babangida said. He added that the withdrawal was intended to allow further engagement with investors and explore options to reduce the Federal Government’s equity stake from the proposed 25 percent.
Reading from the letter of award issued to Sunrise Power and Transmission Company Limited on May 22, 2003, the witness said Agunloye indicated that the eventual government equity would range from zero to not more than 10 percent, effectively reducing the stake from 25 percent.
Babangida, however, noted that despite the letter, the final outcome did not reflect the reduction, though he did not elaborate further.
Justice Onwuegbuzie adjourned the matter until February 2 for the continuation of the cross-examination of the prosecution witness.
latest
2.2 Million Candidates Sit for 2026 UTME Nationwide.
The 2026 Unified Tertiary Matriculation Examination (UTME) began nationwide on Thursday, with over 2.2 million candidates expected to participate across accredited centres.....KINDLY READ THE FULL STORY HERE▶
latest
FCT CP Inspects Security At JAMB Centres In Abuja Photos.
The Commissioner of Police for the Federal Capital Territory (FCT), CP Ahmed Muhammed Sanusi, on Thursday inspected security deployments at Joint Admissions and Matriculation Board (JAMB) Computer-Based Test (CBT) centres across Abuja.....KINDLY READ THE FULL STORY HERE▶
latest
Over 700 Repentant Terrorists Set For Reintegration – Gen. Ali.
Over 700 former terrorists who have undergone deradicalisation and rehabilitation are set to be reintegrated into their communities.....KINDLY READ THE FULL STORY HERE▶
-
latest8 months ago“Social Media Erupts As Jim Iyke Declares Rita Dominic Nollywood’s Most Beautiful”
-
latest2 years agoEdo Political Showdown: Oshiomhole Appears At Presidential Villa As Tinubu Hands APC Gubernatorial Flag To Okpebholo (Photos & Video)
-
entertainment2 years agoLove Knows No Age American Woman Defends Marriage To Young Nigerian Man “I’m Not 70”
-
latest2 years agoOlumide Akpata Strikes Again: Drops Killer Track, Sends Edo State Into Frenzy!(Video)
-
Politics2 years agoNigerians React As Pastor Adeboye Foresees Passing Away On A Sunday After Enjoying A Satisfying Meal Of Pounded Yam
-
latest2 years agoFG Identifies 31 States At Risk Of Heavy Flooding In 2024: See Full List
-
latest2 years ago5 NYSC Corpers Perish In Fatal Road Accident Returning From Camp
-
Politics2 years agoBREAKING: Inspector-General Of Police Summons Top Police Commanders For Crucial-Security Challenges
