The Economic and Financial Crimes Commission (EFCC) on Thursday re-arraigned a former Minister of Power and Steel, Olu Agunloye, before an FCT High Court sitting in Apo over his alleged involvement in a $6 billion contract fraud.
Agunloye, who served as minister between 1999 and 2003 under former President Olusegun Obasanjo, is accused of illegally awarding a contract for the construction of the 3,960 megawatt Mambilla Hydroelectric Power Station to Sunrise Power and Transmission Company Limited on a Build, Operate, and Transfer basis.
The EFCC alleged that the contract was awarded without budgetary provision, approval, or cash backing, and in defiance of a presidential directive issued after a Federal Executive Council (FEC) meeting on May 21, 2003. Despite this, Agunloye allegedly wrote a letter to Sunrise Power conveying the Federal Government’s approval.
Prosecutors further claimed that the former minister collected a ₦3.6 million kickback from the company and relied on forged documents to facilitate the contract.
Agunloye, however, pleaded not guilty to the seven-count amended charge read before trial Justice Jude Onwuegbuzie.
Following the plea, EFCC counsel M.K. Hussein requested an adjournment to allow the third prosecution witness to continue testimony. Justice Onwuegbuzie granted the application and adjourned the case to October 9, 2025, for continuation of the trial.
The court had earlier admitted Agunloye to bail in the sum of ₦50 million with two sureties in like sum.
Some of the charges against him include disobedience to a presidential directive under Section 123 of the Penal Code and using forged documents with the intent to mislead the Federal Government into entering the controversial contract, contrary to Sections 364 and 366 of the Penal Code.
