The trial of Olu Agunloye, former Minister of Power and Steel, over the alleged $6 billion Mambila Power Project fraud took a significant turn on Monday, September 23, 2024. During a hearing at the Federal Capital Territory High Court in Apo, Abuja, a key prosecution witness, Adewale Agunbiade, provided critical testimony regarding a series of financial transactions.

Agunbiade, who was a Compliance Officer at Guaranty Trust Bank (GTB) at the time of the incident, explained how N5.2 million was allegedly transferred to Agunloye by Jide Sotirin Abiodun, a staff member of Sunrise Power and Transmission Ltd. The transfers occurred through multiple channels, including ATM withdrawals and bank transfers.

According to Agunbiade’s testimony, an investigation into the accounts of Agunloye and Abiodun was initiated by the Economic and Financial Crimes Commission (EFCC) in October 2022. The investigation focused on suspicious activities surrounding the accounts, specifically in relation to payments made by Abiodun to Agunloye.

The witness revealed details from the bank’s investigation, citing a significant transfer of N3.6 million on September 10, 2019, along with five smaller ATM withdrawals of N30,000 each on the same day. These transactions, documented in Exhibit 2b, were highlighted as part of the evidence linking Agunloye to the alleged financial misconduct.

The trial continues as the prosecution, led by Rotimi Oyedepo, SAN, builds its case against Agunloye, who is accused of benefiting from illicit funds connected to the Mambila Power Project scandal. The case is part of broader efforts to unravel alleged financial irregularities surrounding the project, which has been mired in controversy for years.