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.

READ ALSO:

• Zakatul Fitr: Rules, Amount, Timing and Distribution Before Eid al-Fitr
• EU, UK Reject Trump’s Call for Military Action to Secure Strait of Hormuz
• Dangote, China’s GCL Sign $4.2bn Gas Deal to Power Ethiopia Fertiliser Megaproject

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

Trump’s Claim of Former President Regret Over Iran Denied by Aides

WASHINGTON, March 17, 2026 — US President Donald Trump has ignited controversy after asserting that a former U.S. president privately told him he regretted not taking military action against Iran while in office. The claim has been swiftly rejected by aides representing all living former presidents.

Trump made the statements on Monday, saying he recently spoke with a predecessor who expressed admiration for his current approach toward Iran and wished they had acted similarly during their own presidency. He repeated the claim in separate appearances, including a private meeting and later remarks to reporters.

However, representatives for Bill Clinton, George W. Bush, Barack Obama, and Joe Biden have all denied that such a conversation occurred. Aides told the Associated Press that none of the former leaders had been in contact with Trump recently.

READ ALSO:

• Oil Prices Jump as Strait of Hormuz Crisis Intensifies
• Maiduguri Horror: 23 Dead, 108 Injured in Coordinated Bomb Attacks
• Nigeria-UK Relations in Focus as Tinubu Begins Landmark State Visit

Trump declined to identify which former president he claimed to have spoken with, saying he wanted to avoid causing “embarrassment.” The White House did not immediately provide clarification regarding the assertion.

The remarks come amid rising tensions between the United States and Iran, as Trump’s administration has overseen significant military strikes targeting Iranian infrastructure. Critics have questioned the administration’s strategy, while supporters argue the operations are necessary to counter perceived threats from Tehran.

Despite widespread media coverage of Trump’s claim, there is no independent verification that any former president made such statements. The uniform denial from aides further casts doubt on the assertion, which has nonetheless fueled political debate. Analysts note that the absence of a named source and lack of corroborating evidence leave the statement unverified.

Although Trump has occasionally spoken positively about some predecessors, particularly Clinton, the last known gathering of Trump with any former president took place during his inauguration in January 2025, prior to the current Iran conflict.

The incident underscores the challenges of verifying claims in high-stakes geopolitical contexts and highlights the ongoing political tension surrounding U.S. actions in Iran. While media outlets have confirmed that Trump made the statements, the substance of his claim remains disputed.

Trump’s Claim of Former President Regret Over Iran Denied by Aides

Nigeria-UK Relations in Focus as Tinubu Begins Landmark State Visit

President Bola Tinubu is embarking on a historic state visit to the United Kingdom, following an invitation from the British government and King Charles III feature high-level engagements between Nigerian and British leaders, including meetings with Prime Minister Keir Starmer and other key stakeholders.

One of the main objectives of the trip is to deepen diplomatic relations between Nigeria and the UK. Discussions are expected to focus on governance, policy alignment, and joint international initiatives. Observers note that this visit presents an opportunity to consolidate Nigeria’s position on the global stage and enhance strategic partnerships.

Trade and investment are also top priorities. Nigeria aims to position itself as an attractive destination for foreign investors, with planned discussions on opportunities in energy, infrastructure, technology, and other key sectors. Business leaders and economic analysts anticipate agreements that could expand economic collaboration and create new investment channels.

READ ALSO:

• Maiduguri Horror: 23 Dead, 108 Injured in Coordinated Bomb Attacks
• Maiduguri Bombings: Shocking Trump–Tinubu Claim Goes Viral — Fact or Fabrication?
• Israel to Extend Military Strikes on Iran for At Least Three More Weeks

Security cooperation forms a critical part of the agenda. Both countries are expected to explore frameworks for intelligence sharing, counter-terrorism operations, and capacity building, strengthening Nigeria’s efforts to tackle transnational threats and insurgency challenges.

The visit also emphasizes engagement with the Nigerian diaspora, acknowledging their contributions through remittances, expertise, and advocacy for national development. In addition, cultural and educational exchanges are expected to be highlighted to foster people-to-people connections between the two nations.

This visit is particularly significant as it is the first official state visit by a Nigerian president to the UK in 37 years, underscoring the importance of Nigeria-UK relations in diplomacy, trade, and security. Analysts and civil society groups have welcomed the visit, urging for enhanced economic cooperation and strategic agreements that benefit both countries.

The presidency describes the state visit as a renewed momentum in Nigeria-UK engagement, signaling a proactive approach to international relations and investment promotion. The outcomes are expected to strengthen ties, boost Nigeria’s economic profile, and reinforce global partnerships in security and diplomacy.

Nigeria-UK Relations in Focus as Tinubu Begins Landmark State Visit