FEC Directed Agunloye To Withdraw Award Of Contract-Witness In Alleged $6bn Mambilla Power Fraud

FEC directed Agunloye to withdraw award of contract-witness in alleged $6bn Mambilla power fraud. The Third Prosecuting Witness, PW3, Umar Hussein Babangida in the ongoing trial of former Minister of Power and Steel, Olu Agunloye, on Tuesday, February 17, 2026 restated before Justice Jude Onwuegbuzie of the Federal High Court, sitting in Apo, Abuja that Agunloye was directed by the Federal Executive Council, FEC, under former President Olusegun Obasanjo to withdraw the memo of award of Mambilla Power Project contract to Sunrise Power Transmission Company Limited.

Under cross-examination by defence counsel, Adeola Adedipe, SAN, the witness, an officer of the Economic and Financial Crimes Commission, EFCC, disclosed that FEC never asked the defendant to reduce the approval to 10 per cent government equity participation but rather directed him to withdraw the award memo.

Asked if he had come across an opinion letter contained in “Exhibit EFCC 3s” by a former Attorney General of the Federation, Michael Aondoakaa, SAN to the Federal Government for the revival of the contract award to Sunrise Power Transmission Company Limited because of its legal implications, the witness dismissed it as the opinion of the former Attorney General of the Federation.

He dismissed in the same manner, the legal opinion of another former Attorney General of the Federation, Abubakar Malami, SAN to the then President Muhammadu Buhari, dated May 20, 2016 that supported that of Aondoakaa on the Mambilla Hydro Electric Power project.

Asked if he knew in 2012 that there were terms of settlement that were entered in respect of the award of contract to Sunshine Power Transmission Ltd between the Minister of Power and Attorney of the Federation and two others, he was, however, overruled by the court following an objection to it by the prosecution counsel, Abba Mohammed, SAN.

EFCC

Asked if he was aware of the law on the privatization of various aspects of power supply chain and to cite any law that mandates agencies of the federal government to obtain FEC approval before issuing contract awards, the prosecution counsel, again, objected to the question, describing it as “hypothetical, not factual and in the realm of speculation.”

He further stated that it violated Section 128 of Evidence Act, noting that “This report doesn’t not make reference to any law.” The witness, he added, “should not be made to quote laws.”

The court adjourned the matter till Wednesday, February 18, 2026.

Dele Oyewale

Head, Media & Publicity

February 17, 2026

EFCC Arraigns Husband, Wife In Court, Two Companies for N740m Investment Fraud

EFCC arraigns husband, wife in court, two companies for N740m investment fraud. The Economic and Financial Crimes Commission, EFCC on Monday, February 16, 2026, arraigned the Chief Executive Officer of Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited, Osabohein Alex Ologbose, alongside his wife Hope Onome Oghelemu before Justice Ekerete Akpan of the Federal High Court sitting in Abuja.

Other defendants in the matter are; Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited.

They were arraigned on a seven-count charge bordering on obtaining by false pretence, conversion of funds and money laundering to the tune of about N740million contrary to Section 18(2)(b) of the Money Laundering Prevention and Prohibition Act 2022 and punishment under Section 18(4) of the same Act.

At the point of arraignment, prosecution counsel, O.S. Ujam informed the court that the prosecution filed amended charges before the court on January 28 ,2026, and prayed the court to read the same to the defendant.

Count one of the amended-charge reads: “That you Osabohien Alex Ologbosele, sometimes between January 2023 and April 2024, in Abuja within the jurisdiction of this Honourable court, directly took possession of the aggregate sum of N340, 000,000(Three Hundred and Forty Million Naira ) paid into your account with account number 202277 3919 domiciled in Kuda Microfinance Bank Limited, from the account of Hope Onome Ogbholemu with account number, 0827261710 domiciled in Access Bank PLc, when you reasonably ought to have known that the said sum formed part of the proceeds of unlawful act and you thereby committed an offence contrary to Section 18(20(a) of Money Laundering (Prevention and Prohibition)Act 2022, and punishable under Section 18(3) of the same Act.”

Another count reads; “That you Osabohien Alex Ologbosele, sometimes between January 2023 and April 2024, in Abuja within the jurisdiction of this Honourable court, directly used the aggregate sum of N24,100,000(Twenty Four Million, One Hundred Thousand Naira) paid into your account with account number 2022773919 domiciled in Kuda Microfinance Bank Limited from the account of Hope Onoe Ogbhelemu with account number 0827261710 domiciled in Access Bank Plc, to establish and operate a music and photo studio located at Crowther Plaza, Gudu District, Abuja, when you knew or ought to reasonably ought to have known that the said sum formed part of the proceeds of an unlawful act and you thereby committed an offence contrary to Section 18(2)(d) of the Money Laundering(Prevention and Prohibition)Act 2022, and punishable under Section 18(3) of the same Act.”

In view of the “not guilty” plea of the defendants, Ujam prayed the court for a date for commencement of trial. Defence counsel, Marshal Abubakar, also prayed the court to allow the first defendant to continue with an administrative bail granted by the court, while also pleading that the court grant the third defendant bail for nursing a one year- old baby.

In his ruling, Justice Ekerete denied the third defendant bail, but allowed the first defendant to continue enjoying the administrative bail granted by the court. The judge further remanded the third defendant in Suleja Correctional Centre while adjourning the matter for definite hearing to April 27, 2026.

EFCC

Investigation by the EFCC revealed how the defendants induced various innocent citizens to pay various sums of money into the account of Hope Onome Oghelemu and Onome Global Market Resources Limited, on the false pretence that the monies were for investment for the procurement and exportation of bags of bitter kola and red kolanut to Hong Kong, China and Indonesia after which they would be paid their Return on Investment (ROI).

Further investigation revealed that investors were not paid their ROI and their investment sums were not refunded.

Dele Oyewale

Head, Media & Publicity

February 16, 2026

NNPC Chief Financial Officer Segun Speaks At International Energy Week, London

NNPC chief financial officer Segun Speaks at international energy week, London. At the International Energy Week 2026, held in London from February 10–12, NNPC Ltd’s Chief Financial Officer, Adedapo Segun, joined a distinguished panel to discuss Africa’s energy future.

NNPC Chief Financial Officer Segun

In his submission, Segun emphasized the urgent need for African countries to prioritize energy access for citizens, while leveraging green financing initiatives to achieve this goal. He noted that energy policies must reflect Africa’s realities, especially given the continent’s limited contribution to global emissions.

Highlighting regional collaboration, he pointed to the African-Atlantic Gas Pipeline Project as a strategic initiative to unite African nations in pursuit of energy access and security. He explained that developing infrastructure to monetize Nigeria’s over 200 trillion scf would not only enhance energy supply but also provide a sustainable solution to Nigeria’s revenue challenges.

The International Energy Week (IEW) is a premier global energy leadership platform that convenes policymakers, industry executives, investors, regulators, technology innovators, and thought leaders to shape dialogue on the future of energy security, transition pathways, capital formation, and sustainability.