“Agunloye Pleads Not Guilty To $6bn Fraud” — Faces Seven EFCC Charges

A former Minister of Power and Steel Development, Mr. Olu Agunloye, has pleaded not guilty to a seven-count amended charge the Economic and Financial Crimes Commission, EFCC, preferred against him.

Agunloye served as a Minister between 1999 and 2003, under the administration of former President Olusegun Obasanjo.

He was re-arraigned before trial Justice Jude Onwuegbuzie of a High Court of the Federal Capital Territory sitting at Apo, on Monday, following his alleged complicity in a $6 billion fraud.

EFCC alleged that the defendant had while he held sway as a Minister, illegally awarded a contract for the construction of 3,960mw Mambilla Hydroelectric Power Station on a Build, Operate and Transfer Basis.

The anti-graft agency told the court that the contract, which was awarded to Sunrise Power and Transmission Company Limited, was done without any budgetary provision, approval and cash backing.

Agunloye was equally alleged to have corruptly received kickback to the tune of N3.6million from the company he awarded the contract to.

According to the EFCC, the former Minister, allegedly received about N5.212million from SPTCL and Leno Adesanya, promoter of Sunrise Power, through one Jide Abiodun Sotinrin.

However, the defendant, who had also served as a Minister of State for Defence, pleaded his innocence to the charge that bordered on forgery, fraudulent award of contract and corruption.

Justice Onwuegbuzie allowed him to retain the N50m bail the court previously gave him on January 11, 2024, when he was first arraigned by the EFCC.

Meanwhile, shortly after the re-arraignment, the prosecution presented its second witness, PW-2, Mr. Adewale Agunbiade, who is a former bank compliance officer.

The witness, who was cross-examined by counsel to the defendant, Mr. Adeola Adedipe, SAN, told the court that he is no longer a staff member of the bank, adding that he does not have the permission of his present employer to continue giving the evidence he started on September 23, 2024.

He equally told the court that the EFCC did not issue him with a witness summons to testify in the case.

Besides, Agunbiade told the court that when he informed EFCC operatives that he no longer works for said bank, they insisted that he was the one that prepared the documents pertaining to the case.

Asked if he presented his identification card to the court to establish that he is currently a staff member of another bank, the witness answered in the negative.

Meantime, justice Onwuegbuzie has adjourned further hearing in the matter till February 24.