A dramatic revelation has emerged in the trial of former Minister of Power and Steel, Dr. Olu Agunloye, who is facing charges of disobeying a presidential directive, conspiracy, forgery, and receiving gratification. A key witness, Umar Babangida, an Assistant Commissioner of Police and investigator with the Economic and Financial Crimes Commission (EFCC), has provided a detailed account of a pivotal meeting that took place in 2003. According to Babangida, former President Olusegun Obasanjo instructed Agunloye to significantly increase the budget for the Mambilla Hydroelectric Power project. The initial budget was N6 billion, but Obasanjo demanded an additional N11 billion, bringing the total to N17 billion. This request was made during a private meeting between Obasanjo and Agunloye on May 20, 2003, the night before the Federal Executive Council (FEC) meeting. The witness further revealed that the FEC meeting on May 21, 2003, supported the increased budget, but also raised concerns about the government's equity participation. The government was initially set to contribute 25% of the $6 billion project, but the FEC suggested a review of this participation. This led to a complex negotiation process, with the government's equity participation being reduced to a range of 0% to 10%, as per the letter of award to Sunrise Power and Transmission Company Limited (SPTCL). However, the witness noted that the actual outcome differed from the proposed reduction, and the final agreement is yet to be fully disclosed.
