Witness Testifies Agunloye Reduced Mambilla Stake Without Approval

A prosecution witness testified Monday that former Nigerian Minister of Power Olu Agunloye unilaterally reduced the federal government's equity stake in the Mambilla Hydroelectric Power Project from 25 percent to 10 percent without presidential approval, as the antigraft trial against him continued in Abuja.

Umar Hussein Babangida, an investigator with the Economic and Financial Crimes Commission, provided the account during cross-examination as the third prosecution witness before Justice Jude Onwuegbuzie at the Federal High Court in Apo. The testimony centered on the 2003 award of a $6 billion contract for the 3,960-megawatt project to Sunrise Power and Transmission Company Limited. Agunloye faces a seven-count charge including disobeying a presidential directive, conspiracy, forgery, and receiving gratification related to the deal. He has pleaded not guilty.

Babangida stated that initial recommendations called for the government to hold a 25 percent stake, valued at approximately 1.5 billion naira. The adjustment Agunloye made, however, limited participation to between zero and 10 percent, resulting in a roughly 900 million naira difference. "The recommendation for equity...