The third prosecuting witness, PW3, Umar Hussein Babangida, in the ongoing trial of a former Minister of Power and Steel, Olu Agunloye, on Monday, January 19, 2026, told Justice Jude Onwuegbuzie of the High Court of the Federal Capital Territory (FCT) sitting in Abuja that he has not seen any record of an agreement involving China’s financial agencies, the Chinese Ministry of Foreign Trade and Economic Cooperation (MOFTEC) Limited, and China Import Export Bank being part of the Memorandum of Understanding (MoU) for the contract award of the Mambilla Power Plant.
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Agunloye is facing trial on an amended seven-count charge bordering on alleged official corruption and fraudulent award of the Mambilla Power Project contract to the tune of $6 billion (Six Billion United States Dollars).
During Monday’s proceedings, PW3 Babangida, while being cross-examined by defense counsel Adeola Adedipe, SAN, on Annexure 2 of Exhibit EFCC 3d, stated that there was no record to show that MOFTEC and China Import Export Bank are parties to the agreement of the MoU.
He further stated that the basis of the recommendations included the acceptance of government participation of not more than 25%, which was subject to discussion at the Federal Executive Council (FEC) meeting of May 21, 2003.
“Sunrise Power and Transmission Company Ltd had proposed 35% government participation, while Tafag Nigeria Limited proposed 25% government participation, and the then President directed that government participation should not be more than 25% for both companies, so 25% became a subject for deliberation at the FEC meeting,” he said.
He further confirmed that when the MoU was presented during the FEC meeting, members of the FEC supported the memorandum, adding that at the time of presentation of the MoU, N6 billion had already been allocated for the takeoff of the project.
While reading the then President’s comment on the MoU, Babangida said, “Minister: approved. Please give the two same parameters i.e., Federal Government participation not more than 25%. Tariff not higher than prevailing tariff of thermal plant.”
Justice Onwuegbuzie adjourned the matter to Wednesday, January 21, 2026, for continuation of cross-examination.
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