A Federal High Court sitting in Abuja, the nation’s capital, has ordered that the former minister of Power and Steel, Olu Agunloye, be remanded in Kuje prison pending the perfection of his bail conditions.
The Economic and Financial Crimes Commission (EFCC) had arraigned Agunloye over allegations of fraud to the tune of $6 billion in the Mambilla hydropower contract.
The anti-graft agency brought the ex-minister before Donatus Okorowo, Wednesday where he pleaded not guilty to the charges read against him.
On December 13, 2023, the EFCC declared Agunloye wanted over alleged corruption. It was later reported that he surrendered himself to the commission for investigation.
Agunloye’s predicament began after former President Olusegun Obasanjo challenged him to tell Nigerians where he received the authority to award a $6 billion contract to Sunrise for the Mambilla hydropower project in 2003.
Reacting to his former boss’ statement, Agunloye said the government was not compelled to pay any amount to Sunrise under the build, operate, and transfer (BOT) agreement.
He said the arrangement remained as it was to be fully funded by the newly registered company, whose declared assets were worth less than $2,000 at the time.
