EFCC begins probe of Obasanjo’s government over $16bn power project

The Economic and Financial Crimes Commission (EFCC) has launched a probe into the $16 billion power project of the administration of former President Olusegun Obasanjo.

The contract has become a subject of controversy in the past few years over allegations that the cost was inflated.

It was learnt that the EFCC may arrest key contractors involved in the power project scam which extended beyond the Obasanjo administration into those of former Presidents Umaru Yar’Adua and Goodluck Jonathan.

Sources from the EFCC confided in The Nation that,  “the operatives of the EFCC have launched a massive investigation into the alleged $16 billion power scam between 2006 and 2011 just as concerted efforts are being made to recover the humongous funds allegedly diverted into private pockets by different firms involved in the power project.

“The whole power project is $16 billion and anchored on generation, transmission and distribution.

“The project is being handled by the Niger Delta Power Holding Company (NDPHC).

“It is instructive to note that the NDPHC belongs to the three tiers of government, namely the Federal Government, state and local governments.

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