EFCC Probes Obasanjo’s $16bn Power Projects

The Economic and Financial Crimes Commission, EFCC, has said that it has begun investigation into the alleged $16 billion the Olusegun Obasanjo regime spent on power projects between 1999 and 2007.

According to reports in The Nation, the agency may invite 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, NDPHC, and all the people recommended for investigation by a committee of the house of representatives.

The report also says the EFCC will probe how much has been spent so far as different figures had been mentioned: $16 billion, $13.278 billion, $10.3 billion, $8.4 billion and $8.55 billion. It however said the probe was not aimed at Obasanjo.

The EFCC said its team had already begun collating facts and figures and will retrieve the report submitted by a House f Representatives Committee headed by Nduidi Elumelu.

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