The Economic and Financial Crimes Commission has re-arraigned former Minister of Power and Steel, Olu Agunloye, before Justice Jude Onwuegbuzie of the Federal High Court sitting in Apo, Abuja.
Agunloye was accused in an amended seven-count charge over the alleged fraudulent award of the Mambilla Hydroelectric Power Project contract worth $6 billion.
EFCC disclosed this in a statement on its X handle on Thursday.
Count one reads: “That you, Olu Agunloye, whilst being the Minister of Power and Steel on or about the 2nd of May, 2003 in Abuja within the jurisdiction of this Honorable Court, knowingly disobeyed the directive of the President, made in the Federal Executive Council meeting of 21st May 2003, directed at you pursuant to the Presidents’ powers under Section 5(1) (a) of the Constitution of the Federal Republic of Nigeria 1999 (as amended) when you signed a letter addressed to Sunrise Power and Transmission Company Limited, conveying the approval of the Government of the Federal Republic of Nigeria for the construction of the 3,960 megawatts Mambilla Hydroelectric Power Station and you thereby committed an offence contrary to and punishable under Section 123 of the Penal Code Law.”
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Count Four reads: “That you, Olu Agunloye whilst being the Minister of Power and Steel and Leno Adesanya (at large) of Sunrise [Power and Transmission Company Limited, on or about the 22nd of May, 2003 in Abuja within the jurisdiction of this Honourable Court, with intent to cause the Federal Republic of Nigeria (FRN) to enter into a contract with Sunrise Power and Transmission Company Limited (SPTCL) used as genuine, a false document titled, “Construction of 3,960mw Mambilla Hydroelectric Power Station on a Build, Operate and Transfer Basis,” dated the 22nd of May, 2003, and thereby committed an offence contrary to Section 366 and punishable under Section 364 of the Penal Code.”
Agunloye pleaded not guilty to all counts.
EFCC counsel M.K. Hussein told the court he was ready to continue the testimony of the third prosecuting witness.
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He asked for a date for the continuation of the trial.
Justice Onwuegbuzie adjourned the matter to 9 October 2025 for the continuation of trial.
The PUNCH reports that a key witness in the case, Adewale Agunbiade, in September 2024, told the court that N5.2 million was wired into an account belonging to Agunloye, in connection with the Mambilla Power Project contract.
Agunbiade alleged that the transaction formed part of the purported corrupt dealings underlying the contract’s award.