An investigator with the Economic and Financial Crimes Commission (EFCC) has told the FCT High Court that former Minister of Power Olu Agunloye reduced the Federal Government’s equity stake in the Mambilla Hydropower Project by about $900 million without presidential approval.
The EFCC investigator, Umar Hussein Babangida, testified on Monday as the third prosecution witness in the ongoing trial before Justice Jude Onwuegbuzie.
Agunloye is currently facing a seven-count charge filed by the EFCC over alleged offences including disobeying a presidential directive, conspiracy, forgery, and receiving gratification in connection with the contract for the construction of the 3,960-megawatt hydropower project.
According to Babangida, earlier proposals recommended that the Federal Government should hold a 25 percent equity stake in the project, valued at approximately $1.5 billion. However, the contract awarded in 2003 reportedly reduced the government’s participation to between zero and 10 percent.
During cross-examination by defence counsel Adeola Adedipe, the witness acknowledged that the reduction from 25 percent to not more than 10 percent represented a difference of about $900 million. However, he rejected the suggestion that the reduction meant savings for the government, insisting the change was made unilaterally by the defendant without presidential approval.
The EFCC also alleged that Agunloye received N5.212 million in 2019 through his Guaranty Trust Bank account. The money was allegedly transferred by Jide Abiodun Sotirin on the instruction of Leno Adesanya.
However, Babangida told the court that Sotirin claimed the payment was intended to assist Agunloye with medical expenses. Agunloye also reportedly informed investigators that the funds were for a medical emergency involving his son, who resides in the United States.
The witness admitted under cross-examination that investigators could not confirm whether the surgery was actually carried out and that some of the funds were later transferred to other individuals who were not questioned during the investigation.
Agunloye has pleaded not guilty to all the charges as the trial continues.
