16bn dollars power probe: EFCC targets firm owners, CEOs over $8.5bn cash diversion
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16bn dollars power probe: EFCC targets firm owners, CEOs over $8.5bn cash diversion

- EFCC has started full investigations on the the $16 billion failed power project under ex-president Obasanjo

- The anti-graft agency, as part of the investigations, is probing how $8.5 billion meant for the payment of compensation to communities for right of way was spent

- Some key suspects are already undergoing interrogations while the commission is on the trail of others, some of whom are CEOs and owners of companies allegedly involved in the deal

The Economic and Financial Crimes Commission (EFCC) is probing how the sum of $8.5 billion meant for the payment of compensation to communities for right of way for the $16 billion power project in 2006 was spent.

As the investigation continues, the anti-graft agency has obtained more documents exposing how the cash was diverted by top government officials, Vanguard reports.

The newspaper adds that EFCC operatives are trailing the prime suspects, some of who have reportedly gone underground.

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Some of the key suspects are chief executive officers and owners of companies allegedly involved in the deal.

Meanwhile, the commission on Thursday, August 29, granted administrative bail to two top officials of the Niger Delta Power Holding Company and two chief executive officers of the engineering firms awarded jobs under the failed contracts.

The two government officials had been detained for the payment of over N48 billion compensation to some communities while the two engineering firm officers were detained for non-execution of jobs after payment.

A source cited by Vanguard said the four officials were released at 5pm on Thursday. They were, however, reportedly ordered to report back on Friday, August 30, and Monday, September 2, to continue with interrogation over their roles in the cash pay-out, which the potential benefiting communities have denied ever receiving.

“The suspects have been able to produce some vital documents required by the commission on the matter but we want them to report to us in the next few days to compare notes on what they have brought.

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“Certain documents on compensation have also been submitted to the investigators, but key records pertaining to authorisation of payment are still outstanding; and we need them urgently for the assignment at hand,” the source was quoted to have said.

“We are also on the trail of other key suspects deeply involved or neck deep in the multi-million power scam, which has denied this country steady power supply,” the source reportedly added.

Recall that the federal government had directed the EFCC to investigate how the Obasanjo administration allegedly expended $16 billion on a failed power project across the country.

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Meanwhile, Legit.ng previously reported that former vice president Atiku Abubakar accused the Muhammadu Buhari-led federal government of making attempts to silence the voice of former president Chief Olusegun Obasanjo.

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Atiku made this claim following earlier report that EFCC visited the Olusegun Obasanjo Presidential Library as part of investigation against his son-in-law, Abdullahi Babalele.

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Source: Legit Newspaper

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