The Economic and Financial Crimes Commission (EFCC) has formally charged Olu Agunloye, the former Minister of Power and Steel, over allegations of fraud connected to the $6 billion Mambilla hydropower contract.
During a court appearance before Donatus Okorowo, a judge at the Federal High Court in Abuja, Agunloye pleaded not guilty to the charges presented against him.
As a result of the charges, the former minister has been remanded in Kuje prison pending the completion of bail arrangements.
Earlier, the EFCC had issued a warrant for Agunloye’s arrest on December 13 due to alleged corruption, urging the public to provide any information on his whereabouts to the agency.
In September, reports had alleged that the EFCC tracked dubious payments from Sunrise Power and Transmission Ltd to Agunloye’s bank accounts.
Also, former President Olusegun Obasanjo had challenged Agunloye to disclose the authority he had to award a $6 billion contract to Sunrise for the Mambilla hydropower project in 2003.
Agunloye defended his actions by stating that the government wasn’t obligated to pay any amount to Sunrise under the build, operate, and transfer (BOT) agreement, as the project was meant to be fully financed by the newly established company.
He noted that the declared assets of the company at that time were valued at less than $2,000.
