Titansloaded reports that a key witness at the Federal High Court in Abuja testified that former Minister of Power and Steel, Dr. Olu Agunloye, did not exceed financial directives issued by former President Olusegun Obasanjo concerning the Mambilla Hydroelectric Power Project.
The witness, Assistant Commissioner of Police Umar Babangida, stated that Obasanjo had instructed ministers not to approve contracts beyond N25 million without presidential consent, and Agunloye’s approvals were within the authorised limit.
Agunloye is facing multiple charges filed by the Economic and Financial Crimes Commission (EFCC), including alleged disobedience of presidential directives, conspiracy, forgery, and receipt of gratification linked to the alleged $6 billion fraud. He has pleaded not guilty before Justice Jude Onwuegbuzie.
During cross-examination by Agunloye’s lawyer, SAN Adeola Adedipe, Babangida confirmed that both SPTCL and Tafag Nigeria Limited were directed to operate under the same financial parameters, with government participation capped at 25 percent and tariffs aligned with standard thermal plant rates.
The witness also highlighted that Agunloye’s memorandum to the Federal Executive Council (FEC) was supported by council members and that the 2003 federal budget allocated N6 billion for project commencement.
Babangida further testified that there was no evidence that Chinese financial stakeholders interfered with the project, dismissing claims that approvals from the foreign ministry or banks were binding on the agreement.
Justice Onwuegbuzie adjourned the trial for further cross-examination of the witness to Wednesday, as proceedings continue. The case remains a high-profile EFCC prosecution in Abuja.
The witness, Assistant Commissioner of Police Umar Babangida, stated that Obasanjo had instructed ministers not to approve contracts beyond N25 million without presidential consent, and Agunloye’s approvals were within the authorized limit.
Agunloye is facing multiple charges filed by the Economic and Financial Crimes Commission (EFCC), including alleged disobedience of presidential directives, conspiracy, forgery, and receipt of gratification linked to the alleged $6 billion fraud. He has pleaded not guilty before Justice Jude Onwuegbuzie.
During cross-examination by Agunloye’s lawyer, SAN Adeola Adedipe, Babangida confirmed that both SPTCL and Tafag Nigeria Limited were directed to operate under the same financial parameters, with government participation capped at 25 percent and tariffs aligned with standard thermal plant rates.
The witness also highlighted that Agunloye’s memorandum to the Federal Executive Council (FEC) was supported by council members, and that the 2003 federal budget allocated N6 billion for the project’s commencement.
Babangida further testified that there was no evidence that Chinese financial stakeholders interfered with the project, dismissing claims that approvals from the foreign ministry or banks were binding on the agreement.
Justice Onwuegbuzie adjourned the trial for further cross-examination of the witness to Wednesday, as proceedings continue. The case remains a high-profile EFCC prosecution in Abuja.
