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Olu Agunloye Reduced Federal Govt’s Equity in Mambilla Project by $900 Million
Olu Agunloye Reduced Federal Govt’s Equity in Mambilla Project by $900 Million
Abuja – A witness for the Economic and Financial Crimes Commission (EFCC), Umar Babangida, told an Abuja High Court on Monday that former Olu Agunloye, while serving as Minister of Power and Steel, unilaterally reduced the Federal Government’s equity participation in the Mambilla Hydroelectric Power Project by approximately $900 million.
Babangida, an Assistant Commissioner of Police and EFCC investigator, made the disclosure during the trial of Agunloye, who is facing charges including disobedience to a presidential directive, conspiracy, forgery, and receiving gratification before Justice Jude Onwuegbuzie at the High Court in Apo, Abuja.
The witness told the court that the reduction of Nigeria’s stake in the project was done without the approval of then-President Olusegun Obasanjo. He explained that the Federal Government’s original recommended equity was 25 percent, equivalent to $1.5 billion, but in 2003, Agunloye awarded a contract to Sunrise Power and Transmission Company Limited (SPTCL) that effectively reduced the government’s stake to between zero and 10 percent. Babangida noted that 10 percent of the $6 billion estimated project cost amounted to $600 million, well below the initial $1.5 billion recommendation. When asked whether this reduction saved the government $900 million, the witness rejected the suggestion, describing the cut as unauthorized and irregular.
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The EFCC also alleged that Agunloye received N5.212 million through his Guaranty Trust Bank account from Jide Sotirin, acting on instructions from Leno Adesanya, in connection with the approval for the Mambilla Hydroelectric Power Project contract. The anti-graft agency claims that Agunloye conspired with Adesanya to forge a letter titled: “Construction of 3,960MW Mambilla Hydroelectric Power Station on a Build, Operate and Transfer basis.” During cross-examination by Agunloye’s lawyer, Adeola Adedipe (SAN), Babangida testified that the payment was made 16 years after Agunloye left office. While the former minister claimed the funds were for a medical procedure, the witness said a review of the account suggested otherwise. Babangida added that Agunloye subsequently transferred the money to other individuals, though none of the recipients were interviewed by investigators.
Babangida also confirmed that a questionnaire sent to former President Obasanjo by Federal Government lawyers had been admitted as evidence (Exhibit EFCC3 O). He further noted that Agunloye advised EFCC investigators to summon participants of the May 21, 2003 Federal Executive Council (FEC) meeting to provide further clarity on the contract approval process. The witness added that Sotirin told investigators he acted on Adesanya’s instruction, but did not explicitly state that the payment was gratification.
The Mambilla Hydroelectric Power Project, located in Taraba State, is one of Nigeria’s largest planned power generation schemes, with a projected capacity of 3,960 megawatts. The multi-billion-dollar project has faced decades of delays, funding disputes, legal battles, and controversies over contract awards, making it a focal point in Nigeria’s energy sector.
Following the testimony, Justice Onwuegbuzie adjourned the trial until March 30 for continuation, as the court continues to examine evidence and testimonies surrounding the alleged unauthorized reduction of government equity and associated charges against Agunloye.
Olu Agunloye Reduced Federal Govt’s Equity in Mambilla Project by $900 Million
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News
Tinubu Nominates Tegbe as Minister of Power, Seeks Senate Confirmation
Tinubu Nominates Tegbe as Minister of Power, Seeks Senate Confirmation
President Bola Ahmed Tinubu has nominated Mr Joseph Olasunkanmi Tegbe as the new Minister of Power, subject to confirmation by the Senate.
The nomination, contained in a State House press release issued on Thursday, has been formally transmitted to the National Assembly in line with constitutional provisions requiring legislative screening and approval of ministerial appointments.
Mr Tegbe’s nomination follows the resignation of the former Minister of Power, Adebayo Adelabu, who stepped down from office to pursue elective political ambitions.
According to the Presidency, the nominee is a seasoned fiscal and economic reform expert with more than 35 years of experience across both public and private sectors. He previously served as Senior Partner and Head of Advisory Services at KPMG Africa, where he led major initiatives in fiscal policy reform, institutional restructuring, and governance.
The statement also highlighted Tegbe’s advisory roles to key government institutions and private sector organisations, particularly in the areas of regulatory frameworks, strategic reforms, and investment structuring.
Currently, Tegbe serves as Director General and Global Liaison for the Nigeria-China Strategic Partnership (NCSP), where he oversees efforts to deepen development cooperation between Nigeria and the People’s Republic of China. His role includes coordinating engagements with public sector stakeholders to advance economic and social development objectives aligned with the Forum on China-Africa Cooperation (FOCAC).
In the power sector, Tegbe is said to have participated in several reform-driven engagements involving agencies such as the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Bulk Electricity Trading Company (NBET), focusing on regulatory and institutional improvements.
The Presidency expressed confidence that, if confirmed, Tegbe would strengthen ongoing efforts to reform Nigeria’s power sector, improve grid stability, and attract sustainable investment in line with the administration’s Renewed Hope Agenda.
President Tinubu also urged the minister-designate to deploy his extensive expertise toward delivering measurable improvements in electricity supply and overall sector performance for Nigerians.
Tinubu Nominates Tegbe as Minister of Power, Seeks Senate Confirmation
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Tinubu Orders Crackdown on Plateau Killers, Approves ₦2bn Relief Package
Tinubu Orders Crackdown on Plateau Killers, Approves ₦2bn Relief Package
President Bola Tinubu has pledged to deploy the full instruments of federal authority against individuals and groups responsible for the recurring violence in Plateau State, warning that those identified as instigators or sponsors of unrest will face decisive government action.
The President made the declaration on Tuesday evening during a high-level meeting with Plateau State leaders and stakeholders at the Presidential Villa in Abuja, where he also approved a ₦2 billion humanitarian relief package for victims of the March 29 attack in Angwan Rukuba, Jos North Local Government Area.
The meeting, which lasted several hours and ended around 8 p.m., brought together Governor Caleb Mutfwang, all living former governors of Plateau State, traditional rulers, religious leaders, and political stakeholders, including the APC National Chairman, Prof. Nentawe Yilwatda.
According to the Presidency, Tinubu told the delegation that his administration would no longer tolerate cycles of violence, urging leaders in the state to take responsibility in identifying those fueling conflict.
“No protocols, no obstacles; we are here to speak our minds and find a permanent solution to a recurring conflict and chaos,” the President said.
He stressed that tolerance, unity, and accountability among leaders were essential to ending decades of recurring communal clashes in the state.
Tinubu also issued a strong directive to state authorities to identify individuals allegedly responsible for instigating violence, warning that they would face firm government action.
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“If you identify and you know the names of troublemakers, agents provocateurs who want to continue killing or instigate killing, let us know. We will use the instrument of office to deal with them,” he warned.
The President added that anyone found to be recruiting or inciting violence would face the full weight of federal power.
He further called for fairness, justice, and ethnic inclusiveness in governance, insisting that peace-building efforts must be rooted in equity and mutual respect among communities.
At the meeting, the Federal Government approved ₦2 billion in humanitarian assistance for victims of the March 29 attack in Angwan Rukuba, where over 27 people were reportedly killed in a violent assault on returning worshippers.
The funds, according to officials, will be used to support displaced families, rebuild damaged property, and provide emergency relief to affected communities through the Ministry of Humanitarian Affairs and Poverty Reduction.
The approval follows Tinubu’s earlier promise during his visit to Jos on April 2, shortly after the incident.
Tinubu reiterated his support for the establishment of state police, describing it as a necessary reform to address Plateau’s persistent security challenges.
He urged federal lawmakers present at the meeting to work toward constitutional backing for decentralized policing, arguing that local security structures would improve response times and enforcement.
The President also directed the newly constituted Plateau peace committee—made up of all living former governors of the state—to review existing white papers on past conflict resolutions and present consolidated recommendations.
He encouraged flexibility in restructuring previous peace frameworks, stressing that ineffective committees should be dissolved or merged for better results.
“Forget those committees you mentioned to me; if it’s not working, it’s not working. Consider this group as the committee until we find a lasting solution,” he said.
The Gbong Gwom Jos, Da Jacob Gyang Buba, urged the Federal Government to strengthen security deployments in the state, noting that existing forces were overstretched and required better equipment and manpower.
He also reiterated the need for the promised installation of thousands of AI-enabled surveillance cameras across Plateau State to enhance monitoring and early warning systems.
Governor Caleb Mutfwang described the meeting as historic, noting that it was the first time all living former governors of Plateau State were gathered together in a unified peace initiative.
He pledged full cooperation with the Federal Government’s peace efforts and emphasized the need to rebuild trust across ethnic and religious divides.
Former Deputy Speaker Idris Wase also highlighted drug abuse as a growing driver of insecurity in the state, calling for stronger enforcement measures.
Tinubu concluded the meeting by urging stakeholders to prioritize unity, warning that continued violence would only deepen poverty and instability in the region.
He also proposed expanded inclusion of non-indigenous communities in governance structures as part of broader reconciliation efforts.
The President reaffirmed that his administration is committed to ending violence in Plateau State and across Nigeria, stressing that peace and stability remain central to national development.
Tinubu Orders Crackdown on Plateau Killers, Approves ₦2bn Relief Package
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Tinubu Appoints Bianca Ojukwu as Minister of Foreign Affairs
Tinubu Appoints Bianca Ojukwu as Minister of Foreign Affairs
President Bola Tinubu has appointed Ambassador Bianca Odumegwu-Ojukwu as Nigeria’s new Minister of Foreign Affairs following the resignation of Ambassador Yusuf Tuggar, who reportedly stepped down to pursue political ambitions ahead of the 2027 elections.
The appointment places Ojukwu in charge of Nigeria’s external relations, diplomatic engagements, and international partnerships at a time the administration is intensifying efforts to reposition the country’s global image and strengthen economic diplomacy.
Until her latest appointment, Bianca Odumegwu-Ojukwu served as Minister of State for Foreign Affairs, where she was involved in Nigeria’s diplomatic outreach and regional engagement programmes.
Her elevation to the substantive ministerial role is seen as a continuation of her work within the foreign affairs ministry and a move to ensure continuity in Nigeria’s diplomatic policy direction.
In a related development, President Tinubu also nominated Ambassador Sola Enikanolaiye as Minister of State for Foreign Affairs, pending confirmation by the Senate.
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Enikanolaiye, who hails from Kogi State, previously served as Senior Special Assistant to the President on Foreign Affairs and International Relations. He is a career diplomat with over 30 years of experience in Nigeria’s foreign service.
His extensive diplomatic background includes serving as Permanent Secretary in the Ministry of Foreign Affairs, as well as postings in several Nigerian missions abroad, including Addis Ababa, Belgrade, Ottawa, London, and New Delhi.
The Presidency said the appointments are part of broader efforts to strengthen Nigeria’s foreign policy architecture, improve coordination in international engagements, and expand economic and strategic partnerships across key global regions.
President Tinubu congratulated both appointees and urged them to prioritise national interest, enhance economic diplomacy, support regional stability, and ensure the protection of Nigerians in the diaspora.
He further emphasised the need for a more proactive foreign policy approach that aligns with Nigeria’s economic growth agenda and global competitiveness objectives.
The Ministry of Foreign Affairs remains central to Nigeria’s international relations, overseeing bilateral and multilateral engagements, consular services, and diplomatic missions worldwide.
Political analysts say the reshuffle signals a renewed focus by the Tinubu administration on strengthening diplomatic leadership and expanding Nigeria’s influence in global affairs.
Tinubu Appoints Bianca Ojukwu as Minister of Foreign Affairs
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