EFCC begins investigation into Obasanjo’s $16bn power project

The Economic and Financial Crimes Commission (EFCC) has set machinery in motion to probe the controversy surrounding the $16 billion allegedly spent on power projects during the administration of former President Olusegun Obasanjo, days after President Buhari spoke about the $16 billion power project embarked upon by the Olusegun Obasanjo administration.

EFCC begins investigation into Obasanjo's $16bn power project lailasnews

A top EFCC source who spoke to The Nation, said that the anti-graft agency may invite two ex-ministers, former top officials of the defunct Power Holding Company of Nigeria (PHCN), present and past officials of the Niger Delta Power Holding Company and all the people recommended for investigation by a committee of the House of Representatives. A team in EFCC was already collating facts and figures at press time yesterday.

Recall that on Wednesday May 23rd, President Buhari while receiving the Buhari Support Organization, stated that a former president who embarked on a $16 billion power project with no result to show for it, has some questions to answer. However former President Olusegun Obasanjo fired back same day, saying he had been cleared of any wrong doing with regards to the power project by an investigation panel set up by the National Assembly. He further added that President Buhari’s comment on the power project was from an ignorant point of view.

However the top source who spoke in confidence, said the move was not targeted at ex-President Obasanjo, as it was also gathered that EFCC might conduct a forensic and comprehensive investigation into the alleged $16 billion power projects.

”We are looking into all the allegations and issues surrounding the power projects. We will conduct a comprehensive and forensic probe to ascertain the true status of all the projects. This investigation will actually ascertain how much has been spent so far. We have many figures being bandied about as follows: $16 billion, $13.278 billion, $10.3 billion, $8.4 billion and $8.55 billion. This is not an investigation aimed at ex-President Olusegun Obasanjo or anybody. We have to step in to set the records straight. Already, a team is collating facts and figures on these projects as part of the preliminary level/ bend of the investigation.” the source said


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