The Economic and Financial Crimes Commission (EFCC) has sued the former Minister of Power and Steel, Olu Agunloye, to court on charges of fraud.
Appearing before the federal high court in Abuja, Agunloye pleaded not guilty to the allegations leveled against him.
The trial judge, Justice Donatus Okorowu ordered Agunloye’s remand in the Kuje Correctional Facility until the hearing of his bail application.
The charges brought forward by the EFCC are related to the Mambilla Power Project, a project with a history marred by controversy and financial misconduct.
The former minister’s arrest is linked to his role in the $6 billion Mambilla hydropower contract.
Agunloye served during the administration of Olusegun Obasanjo, and the anti-graft agency has been actively pursuing cases related to corruption and financial mismanagement from past administrations.
Justice Okorowu, after reviewing the charges, deemed it fit to confine Agunloye to the Kuje Correctional Service pending further legal proceedings.
This signals a significant step in addressing corruption within the power sector, as the court begins to deliberate on the alleged fraudulent activities tied to the Mambilla Power Project.
The recent revelations from the current Minister of Power, Mr. Bayo Adelabu, during the 2024 Budget defense, shed light on the challenges faced by the Mambilla Power Project.
Adelabu highlighted ongoing litigation and international arbitration surrounding the project, providing insight into the absence of provisions in the 2024 budget for the Mambilla Hydro-Power plant.
Until these legal matters are resolved, it appears the progress on the Mambilla project will remain at a standstill.
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