FG Reopens Obasanjo’s $16bn Power Projects Probe

The Federal Government has officially commenced probe against the administration of former president Olusegun Obasanjo particularly, relating to the $16billion power projects.

A highly placed EFCC source confirmed to Nigerian pilot that the operatives of the Commission have already started inviting Chief executive officers of the companies involved and some suspects who played key roles in the disbursement of the power projects funds.

According to the source, Hon Ndudi Elumelu who has just been sworn in as a member of the House of Representatives and was chairman of the committee on power that carried out the probe and nationwide tour of all the power projects during the administration of late president Umaru Musa Yar’adua and other critical stakeholders will play a key role in assisting the operatives of the EFCC in the investigation,.

The source further added that statement of accounts and other relevant documents have been retrieved from the affected suspects and companies relating to the power projects probe.

The newspaper recall that some civil society groups, last year, asked the Economic and Financial Crimes Commission (EFCC) to set machinery in motion to probe the controversy surrounding the $16 billion allegedly spent on power projects during the administration of former President Olusegun Obasanjo.

According to the report, the anti-graft agency has already invited two ex-ministers, former top officials of the defunct Power Holding Company of Nigeria (PHCN), present and past officials of the Niger Delta Power Holding Company and all the people recommended for investigation by a committee of the House of Representatives.

A team in EFCC was already collating facts and figures in the past six months.

But a top source, who spoke in confidence, said the move was not targeted at ex-President Obasanjo.

According to findings by the Nigerian Pilot, the anti graft agency might conduct a forensic and comprehensive investigation into the alleged $16 billion power projects.

The scope of the investigation includes the total cost of the projects, how much was withdrawn from the Excess Crude Account (ECA), the total number of contracts awarded, the extent of compliance with due process and the status of the execution of all the projects.

The insider said : “We are looking into all the allegations and issues surrounding the power projects. We will conduct a comprehensive and forensic probe to ascertain the true status of all the projects.

“This investigation will actually ascertain how much has been spent so far. We have many figures being bandied about as follows: $16 billion, $13.278 billion, $10.3 billion, $8.4 billion and $8.55 billion.

“This is not an investigation aimed at ex-President Olusegun Obasanjo or anybody. We have to step in to set the records straight. Already, a team is collating facts and figures on these projects as part of the preliminary level/ bend of the investigation.”

Responding to a question, the source added: “We will retrieve the report of the House of Representatives Committee which investigated the power projects.

“The House actually recommended 18 top former public officers, including two ex-ministers, for investigation by anti-graft agencies, especially EFCC and ICPC.

“Many salient issues were raised for investigation by the House Committee, which was headed by Hon. Ndudi Elumelu.”

The Ndudi Elumelu Committee was put in place by the House on January 31, 2008 to look into how much was spent on power projects. In its report, the committee said that about $13.278 billion was spent on power projects between 1999 and 2007.
The committee recommended termination of 13 contracts and review of 10 projects.

About 15 contracting and consulting companies were asked to be investigated by the Nigerian security agencies particularly the Economic and Financial Crimes Commission, EFCC and the Independent Corrupt practice and other Related offences Commission, ICPC.