Obasanjo govt’s $16bn power project under probe


Investigation has been launched into the $16 billion power project of the administration of former President Olusegun Obasanjo by the Economic and Financial Crimes Commission (EFCC), The Nation reports.

The paper said the anti-graft agency may arrest key contractors involved in the power project scam which extended beyond the Obasanjo administration into those of former Presidents Umaru Yar’Adua and Goodluck Jonathan.

In the same vein, some top officials of the Central Bank of Nigeria (CBN) are reportedly going to suffer the same fate.

It quoted a source familiar with the probe as saying: “The operatives of the EFCC have launched a massive investigation into the alleged $16 billion power scam between 2006 and 2011 just as concerted efforts are being made to recover the humongous funds allegedly diverted into private pockets by different firms involved in the power project.

“The whole power project is $16 billion and anchored on generation, transmission and distribution.”


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