Agunloye reduced FG equity in Mambilla project without presidential approval – Witness

A prosecution witnesser successful the proceedings of erstwhile Minister of Power and Steel, Olu Agunloye, has told the Federal High Court successful Abuja that the ex-minister allegedly reduced the Federal Government’s equity information successful the Mambilla Hydroelectric Power Project without support from the President.

The witness, Umar Hussein Babangida, an researcher with the Economic and Financial Crimes Commission (EFCC), gave the grounds connected Monday earlier Justice Jude Onwuegbuzie astatine the Federal High Court successful Apo, Abuja.

Babangida, who appeared arsenic the 3rd prosecution witnesser (PW3), said Agunloye unilaterally reduced the government’s projected equity involvement successful the task from 25 per cent to 10 per cent.

According to him, the archetypal proposal was for the Federal Government to clasp a 25 per cent equity involvement successful the project, valued astatine astir $1.5 billion, but that determination was nary authorities support authorising the reduction.

He told the tribunal that the alteration was made without the cognition of past President Olusegun Obasanjo.

“The proposal for equity information of the national authorities was 25 per cent which translated to $1.5 billion, and determination was nary authorities support for Agunloye to trim it to 10 per cent arsenic helium did,” the witnesser said during cross-examination by defence counsel Adeola Adedip...