By Francis Wilfred
A prosecution witness in the ongoing trial of former Minister of Power and Steel, Olu Agunloye, has told the Federal High Court in Apo, Abuja, that the federal government’s equity stake in the Mambilla Power Project was reduced without presidential approval.
The witness, Umar Hussein Babangida, an investigator with the Economic and Financial Crimes Commission (EFCC), made the claim while testifying before Justice Jude Onwuegbuzie. According to him, the government’s recommended equity participation was 25 per cent—valued at about $1.5 billion—but was allegedly reduced to 10 per cent without formal authorisation.
Agunloye is being prosecuted by the EFCC on an amended seven-count charge related to the award of a $6 billion contract for the Mambilla Power Project to Sunrise Power Transmission Company Limited. He has denied the allegations. During the hearing, the court allowed the prosecution to clarify differences between documentary exhibits from Federal Executive Council (FEC) proceedings in May 2003. The witness said the documents contained consistent records of deliberations on the project.
He also told the court that a payment of ₦5.6 million was traced to the defendant in connection with the contract award, based on bank records and statements obtained during the investigation. The defence has challenged aspects of the evidence during cross-examination.The court adjourned the case to March 30, 2026, for further proceedings, with additional dates scheduled in April.
