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From Sola Ojo, Abuja
Proceedings in several high-profile financial crime cases continued yesterday as courts in Abuja and Benin City heard matters involving alleged multi-billion-dollar and naira frauds, with one conviction secured by the Economic and Financial Crimes Commission (EFCC).
At the Federal High Court in Abuja, a prosecution witness in the trial of a former Minister of Power and Steel, Olu Agunloye, told the court that there was no record indicating that Chinese financial agencies were parties to the Memorandum of Understanding (MoU) for the $6 billion Mambilla Hydropower Project.
The witness, Umar Hussein Babangida (PW3), gave the testimony before Justice Jude Onwuegbuzie during cross-examination by defence counsel, Adeola Adedipe, SAN. Babangida said documents tendered before the court showed no evidence that China’s Ministry of Foreign Trade and Economic Cooperation (MOFTEC), MOFTEC Limited or the China Export-Import Bank were signatories to the MoU.
Agunloye is facing an amended seven-count charge bordering on alleged official corruption and fraudulent award of the Mambilla Power Project contract.
The witness further explained that discussions on the project focused on the level of Federal Government participation, which was deliberated at the Federal Executive Council (FEC) meeting of May 21, 2003.
According to him, while Sunrise Power and Transmission Company Limited proposed 35 percent government participation and Tafag Nigeria Limited proposed 25 percent, the then President directed that government equity must not exceed 25 percent.
Babangida added that members of the FEC supported the MoU when it was presented and that N6 billion had already been allocated for the take-off of the project at the time.
The matter was adjourned to January 21, 2026, for continuation of cross-examination.
In a related development at the same court, another trial before Justice Onwuegbuzie heard how a former member of the House of Representatives, Aliyu Ibrahim Gebi, allegedly issued 14 dud cheques valued at N125 million.
Testifying as the first prosecution witness, Mustapha Usman told the court that the defendant obtained a friendly loan of N125 million in 2011 through a former lawmaker, Hajiya Aishatu Dahiru Ahmed, and signed an undertaking to repay the sum within 60 days.
Usman said the defendant failed to repay the loan as agreed and later issued 14 cheques totalling N125.5 million in favour of Musty Petroleum Limited, some drawn from Craft Technology Limited and others from the defendant’s personal account.
He said the cheques were returned unpaid by the bank due to insufficient funds, prompting him to petition the EFCC.
According to the witness, the defendant later made staggered payments, with the outstanding balance of N10.5 million paid on December 18, 2025.
Justice Onwuegbuzie adjourned the matter to January 21, 2026, for continuation of trial.
Meanwhile, in Benin City, an Edo State High Court convicted and sentenced Ojo Eghosa Kingsley to one year imprisonment or a fine of N5 million for fraud involving over N1.5 billion. Justice W. I. Aziegbemhin found Kingsley guilty after he pleaded guilty to a one-count charge of stealing, having fraudulently converted N1.5 billion erroneously credited to his First Bank account between June and November 2025.
The court ordered him to restitute First Bank Plc with the balance of N272.2 million, noting that the EFCC had earlier recovered over N1.1 billion through account recoveries and transfer reversals.
EFCC Spokesman Dele Oyewale, said the developments marked part of its ongoing efforts to combat economic and financial crimes across the country.
