Alleged $6 Billion Mambilla Project Fraud: Witness Details N5.2 Million Transfer to Agunloye

In the ongoing trial of former Minister of Power and Steel, Olu Agunloye, for alleged involvement in the $6 billion Mambilla Power Project fraud, a key witness, Adewale Agunbiade, provided crucial testimony on Monday, September 23, 2024. Agunbiade, a Compliance Officer formerly with Guaranty Trust Bank (GTB), now with Jaiz Bank Plc, testified before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court in Apo, Abuja, narrating how Agunloye allegedly received N5.2 million from Jide Sotirin Abiodun, a staff member of Sunrise Power and Transmission Ltd, through multiple transfers and Automated Teller Machine (ATM) withdrawals.

During his examination-in-chief, led by prosecution counsel Rotimi Oyedepo, SAN, Agunbiade revealed that in October 2022, GTB had received an inquiry from the Economic and Financial Crimes Commission (EFCC) concerning the accounts of two individuals: Olu Agunloye and Jide Sotirin. Agunbiade explained that his team at GTB had been tasked with generating the necessary account statements, which he personally reviewed and prepared along with a Certificate of Identification.

Agunbiade confirmed the EFCC’s letters regarding the accounts, which were marked as Exhibits 1a and 2a, with GTB’s responses identified as Exhibits 2a and 2b. He detailed the transactions from Abiodun to Agunloye, specifically citing six transactions on September 10, 2019. Five of these transactions involved ATM withdrawals of N30,000 each, while the final transaction was a transfer of N3.6 million from Abiodun to Agunloye.

Further into his testimony, Agunbiade disclosed that on October 22, 2019, an additional N500,000 was transferred from Abiodun to Agunloye. Similarly, on November 13, 2019, another transfer of N1,121,000 was made to Agunloye’s account. The witness identified these transactions as part of a pattern of payments linked to Abiodun.

The case, involving seven counts of official corruption and the fraudulent awarding of the Mambilla Power Project contract to Sunrise Power and Transmission Ltd, was adjourned until October 21, 2024, for cross-examination.

Agunloye faces prosecution by the EFCC for his alleged role in the fraudulent award of the $6 billion contract, a case that has drawn significant attention due to the project’s magnitude and potential impact on Nigeria’s power sector.