EFCC To Probe Of Obasanjo Govt’s $16bn Power Project

The Financial and Monetary Crimes Fee (EFCC) has begun the probe of the $16 billion energy challenge of the administration of former President Olusegun Obasanjo.

There had been conflicting figures on the precise value of the challenge as some folks put it at $16 billion whereas others say it’s $13.Eight billion.

It was gathered final night time that the anti-graft company could arrest key contractors concerned within the energy challenge rip-off which prolonged past the Obasanjo administration into these of former Presidents Umaru Yar’Adua and Goodluck Jonathan.

It was additionally learnt that about 18 high former and serving public officers, together with two ex-ministers, could also be questioned.

Additionally more likely to be interrogated by the EFCC are some high officers of the Central Financial institution of Nigeria (CBN).

ALSO READ:  Nigeria election: Oba of Benin speaks on Buhari's victory over Atiku, others

Preliminary investigation revealed that Rockson Engineering Restricted bought a bit of the contracts value about $2 billion.

The findings revealed that the transactions involving the companies implicated within the energy contracts had been characterised by absence of due diligence.

A dependable supply within the anti-graft fee stated a crew of crack detectives had been put in place to interrogate the folks concerned within the rip-off.

The supply stated: “The operatives of the EFCC have launched an enormous investigation into the alleged $16 billion energy rip-off between 2006 and 2011 simply as concerted efforts are being made to get better the humongous funds allegedly diverted into non-public pockets by completely different companies concerned within the energy challenge.

“The entire energy challenge is $16 billion and anchored on era, transmission and distribution.

“The challenge is being dealt with by the Niger Delta Energy Holding Firm (NDPHC).

ALSO READ:  Cardinal Onaiyekan raises alarm over insecurity in Nigeria

“It’s instructive to notice that the NDPHC belongs to the three tiers of presidency, particularly the Federal Authorities, state and native governments.

“Investigators additionally found that many of the companies that secured contracts beneath the ability challenge collected big sums in naira and {dollars} however didn’t carry out as much as 30 per cent earlier than abandoning the challenge.

“By the way, many of the funds occurred in the course of the regimes of former Presidents Olusegun Obasanjo, the late President Umaru Yar’Adua and Goodluck Jonathan.

“The primary quantity launched from the Extra Crude Account was about $8.three billion.”

One other supply claimed that among the contractors will quickly be invited by the EFCC for interrogation.

Supply hyperlink

About joseph