January 10, (THEWILL) – The Federal High Court, Abuja, has ordered the remand of a former Minister of Power and Steel, Olu Agunloye, in Kuje Correctional Service.
Agunloye, a minister under President Olusegun Obasanjo’s government between 1999 and 2003, was arrested by operatives of the Economic and Financial Crimes Commission (EFCC) on Wednesday, December 13, 2023.
The EFCC had declared him wanted over his role in the $6 billion Mambilla hydropower contract.
Former President Obasanjo had accused Agunloye of mismanaging the power project during his tenure from 1999 to 2003 and failed to brief him on the state of the project.
Obasanjo had accused Agunloye of fraudulently awarding the contract for the power project to Sunrise Power and Transmission Ltd, without the approval of the Federal Executive Council (FEC).
Sunrise is currently in arbitration against Nigeria, demanding billions of dollars for the failed contract.
However, upon arraignment on Wednesday, Agunloye pleaded not guilty to the charges read against him.
Justice Donatus Okorowu, however, ordered the former minister to be remanded in Kuje correctional facility, pending when bail would be granted.
