New Information Gotten From Mambila $6bn Fraud Case
COMMENCEMENT OF ENFORCEMENT ACTIONS ON DEFAULTERS OF GROUND RENT PAYMENTS, LAND USE CONVERSION FEE, C-OF-O BILLS In The Federal Capital Territory
Courts in Abuja and Benin City moved forward yesterday with major financial crime cases involving billions of naira and dollars, as one suspect was convicted.
COMMENCEMENT OF ENFORCEMENT ACTIONS ON DEFAULTERS OF GROUND RENT PAYMENTS, LAND USE CONVERSION FEE, C-OF-O BILLS In The Federal Capital Territory
In Abuja, the trial of former Minister of Power and Steel, Olu Agunloye, took centre stage with testimony revealing that Chinese financial institutions were not part of the Memorandum of Understanding (MoU) for the $6 billion Mambilla Hydropower Project.
COMMENCEMENT OF ENFORCEMENT ACTIONS ON DEFAULTERS OF GROUND RENT PAYMENTS, LAND USE CONVERSION FEE, C-OF-O BILLS In The Federal Capital Territory
Court documents show no evidence linking China’s Ministry of Foreign Trade and Economic Cooperation (MOFTEC), MOFTEC Limited, or the China Export-Import Bank to the agreement.
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Agunloye faces seven charges related to alleged corruption and fraudulent award of the project contract.
The proceedings further revealed that discussions on government involvement in the project had been debated by the Federal Executive Council (FEC).
While two firms proposed 25 to 35 percent participation, the then-President limited government equity to 25 percent. At the time, N6 billion had already been allocated to initiate the project.
Cross-examination of witnesses will continue on January 21, 2026.
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