$6bn Mambilla saga: Former minister of power and steel, Agunloye remanded in Kuje prison

The former minister of power and steel, Olu Agunloye has been remanded in prison over allegations of fraud.

The ex-minister was arraigned on Wednesday by the Economic and Financial Crimes Commission (EFCC) before the has the federal high court in Abuja.

Agunloye who is being investigated over $6 billion Mabillla Hydropower contract was brought before Justice Donathus Okorowo of the Abuja court on Wednesday where he pleaded not guilty to the charges read against him.

The ex-minister has been remanded in Kuje prison pending the perfection of bail conditions.

Recall that the EFCC had declared Agunloye 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, Agunloye has denied any wrongdoing in the project and said that Obasanjo was merely distorting information against him.

Culled from IR