News

$6bn Mambilla Project: Court Fails To Hear Agunloye’s Preliminary Objection

Published

2 years ago

February 12, 2024

A Federal Capital Territory High Court sitting in Apo, Abuja, on Monday, declined to hear the preliminary objection by Olu Agunloye challenging the power of the Economic Financial Crimes Commission to prosecute him on the alleged $6bn Mambilla Hydroelectric Power Station fraud.

The court said the application was not ripe for hearing.

The trial judge, Jude Onwuegbuzie, subsequently adjourned the matter till February 26, 2024.

In the preliminary objection, Agunloye through his lawyer, Adeola Adedipe, is seeking an order prohibiting the EFCC from prosecuting or further prosecuting the instant charge against him.

He added that the commission lacks both investigative and prosecutorial powers under Sections 6, 7 and 46 of the EFCC Act, 2004.

Agunloye also said the alleged offences in the charge were on his activities as a public officer where he was alleged to have awarded the contract without budgetary provision, approval, and cash backing.

He further said that another of the charge bothered an alleged disobedience of the directives of the President and forgery of a letter dated May 22, 2003

“These allegations do not constitute financial crimes, which can be lawfully investigated and prosecuted by the EFCC, pursuant to its powers under Sections 6, 7, and 46 of the Economic and Financial Crimes Commission (Establishment) Act and in consonance with the Supreme Court’s decision in Nwobike v. Federal Republic of Nigeria (2022) 6 NWLR (Pt. 1826) 293,” he added.

Agunloye was arraigned on seven charges bordering on fraudulent award of a contract and official corruption in January 2024.

The EFCC alleged that on May 22, 2003, Agunloye 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.

Agunloye was equally alleged to have on August 10, 2019, corruptly received the sum of N3.6m from Sunrise Power and Transmission Company Limited 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 was done without the approval of the Federal Executive Council.

He pleaded not guilty to the charges.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

1 hour ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

1 hour ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

4 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.