A witness in the $6 billion Mambila fraud case has revealed how ex-Minister Olu Agunloye received N5.2 million in secret payments from a staff member of Sunrise Power. Get the full details of this alarming court testimony.
In a shocking revelation at the Federal Capital Territory High Court, a prosecuting witness detailed how N5.2 million was wired to a former Minister of Power and Steel, Olu Agunloye, as part of the fraudulent Mambila Power Project deal ( Mambila Fraud ), amounting to $6 billion. This case revolves around the fraudulent award of the Mambila Hydroelectric Project contract to Sunrise Power and Transmission Ltd.
The witness over the Mambila Fraud case, Adewale Agunbiade, a Compliance Officer with Jaiz Bank and formerly with Guaranty Trust Bank (GTB), recounted how the alleged Mambila Fraud money was transferred to Agunloye’s account in multiple installments, including automated teller machine (ATM) withdrawals. Agunbiade’s testimony came in response to an investigation initiated by the Economic and Financial Crimes Commission (EFCC), which sought details on transactions involving Agunloye and Jide Sotirin Abiodun, an employee of Sunrise Power.
History of Mambila Fraud
The Mambila Hydroelectric Power Project, a long-awaited energy initiative, was marred by corruption which is now described as Mambila Fraud, delays, and contractual disputes dating back to the early 2000s. Initially awarded to Sunrise Power, the project stalled due to legal battles and allegations of fraudulent dealings, including the fraudulent award of contracts and misappropriation of funds. The total value of the fraud is said to be $6 billion, causing massive setbacks for a project that was supposed to address Nigeria’s chronic electricity shortages.
The EFCC’s case against Agunloye alleges that he facilitated the Mambila Fraud contract award during his tenure as Minister of Power and Steel, resulting in financial losses to the Nigerian government and hindering the project’s progress.
N5.2 Million Payment Breakdown from the Mambila Fraud proceeds
The witness confirmed that on September 10, 2019, five separate ATM withdrawals of N30,000 each were made, alongside a N3.6 million transfer from Abiodun to Agunloye’s account. Further payments of N500,000 and N1.12 million were transferred in October and November 2019, respectively. These payments formed part of a larger investigation into Agunloye’s role in the Mambila contract.
Agunbiade provided documentary evidence, including bank statements and certificates of identification from GTB, showing the flow of funds. The case has been adjourned until October 21, 2024, for further cross-examination of the witness.
Agunloye faces multiple charges of official corruption and fraud, specifically in relation to his involvement in the Mambila Power Project, which continues to haunt Nigeria’s energy sector due to years of neglect and corruption.
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