A key witness in the trial of former Minister of Power and Steel, Olu Agunloye, on Monday, provided crucial testimony before Justice Jude Onwuegbuzie at the Federal Capital Territory High Court in Apo, Abuja.
The case involves an alleged $6 billion fraud concerning the Mambilla Power Project contract awarded to Sunrise Power and Transmission Ltd.
The prosecuting witness, Adewale Agunbiade, a compliance officer formerly with Guaranty Trust Bank (GTB) and now with Jaiz Bank Plc, testified on how the defendant, Agunloye, allegedly received N5.2 million in multiple transfers and Automated Teller Machine (ATM) withdrawals from Jide Sotirin Abiodun, a staff member of Sunrise Power.
While being led in his examination-in-chief by the prosecution counsel, Rotimi Oyedepo, SAN, Agunbiade detailed how the transactions were flagged during an investigation initiated by the Economic and Financial Crimes Commission (EFCC) in October 2022.
He explained that the EFCC had requested account details for Agunloye and Abiodun from GTB, where the records revealed a series of transfers and ATM withdrawals.
According to the witness, the records show that on September 10, 2019, there were five ATM withdrawals of N30,000 each, followed by a transfer of N3.6 million from Abiodun’s account to Agunloye’s account.
Further transactions were noted on October 22, 2019, where N500,000 was transferred, and on November 13, 2019, an additional N1.121 million was transferred to Agunloye by Abiodun.
Agunbiade also presented account opening documents for Agunloye and confirmed that all transactions matched the bank’s records, which were submitted as evidence in court.
The trial, which has garnered significant public attention due to the scale of the alleged fraud, was adjourned until October 21, 2024, for cross-examination of the witness.
Agunloye is facing a seven-count charge brought by the EFCC, relating to official corruption and the fraudulent award of the $6 billion Mambilla Power Project contract to Sunrise Power and Transmission Ltd.