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EFCC Begins Investigation Into Obasanjo's $16bn Power Project




Following representations made by some civil society groups, 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.

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.

But a top source, who spoke in confidence, said the move was not targeted at ex-President Obasanjo.


According to findings by Nation correspondent, the EFCC might conduct a forensic and comprehensive investigation into the alleged $16 billion power projects.

The scope of the investigation includes the total cost of the projects, how much was withdrawn from the Excess Crude Account (ECA), the total number of contracts awarded, the extent of compliance with due process and the status of the execution of all the projects.

A top source, who spoke in confidence yesterday, said: “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.






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Posted By cheatmaster On 08:43 Sat, 26 May 2018

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