A former Minister For Power, And Steel, Dr. Olu Agunloye, has described allegation that he mismanaged the Mambilla power project as ‘baseless, false, and malicious’.
In a statement on Sunday, he issued a strong and detailed rebuttal, saying the allegation by former President Olusegun Obasanjo, was nothing to write home about.
Obasanjo had accused Agunloye of mismanaging the project during his tenure from 1999 to 2003.
Agunloye explained the nature of the initial contract for the Mambilla Power Project, which was awarded as a Build, Operate and Transfer contract in May 2003 under his watch.
According to him, under this model, the contractor, Messrs Sunrise Power and Transmission Company Limited (Sunrise), was responsible for sourcing funds and executing the project with its own funds. The Federal Government of Nigeria was not obliged to pay any amount to Sunrise.
Agunloye also explained that the investment required for Sunrise to construct the Mambilla hydroelectric project up to completion was estimated at a maximum of $6bn by four ministers of power and Obasanjo before his tenure as minister of power.
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