EFCC Begins Probe Of ‘$16billion Spent On Power Projects During Obasanjo’s Tenure
The Economic and Financial Crimes Commission (EFCC) has launched a probe into the controversy surrounding the $16 billion allegedly spent on power projects during the administration of former President Olusegun Obasanjo.
Obasanjo had, earlier in the week, declared that he was ready for investigation, after President Muhammadu Buhari suggested that funds earmarked for power projects under his tenure were mismanaged.
The Nation reports that EFCC 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 and all the people recommended for investigation by a committee of the House of Representatives.
The scope of the investigation includes the total cost of the projects, how much was withdrawn from the Excess Crude Account (ECA), the total number of contracts awarded, the extent of compliance with due process and the status of the execution of all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.
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