A former minister of Power and Steel, Dr. Olu Agunloye, has accused former President Olusegun Obasanjo of distortion of facts over the stalled
According to him, under the BOT model, the contractor, Messrs Sunrise Power and Transmission Company Limited , was responsible for sourcing funds and executing the project.Agunloye also explained that the investment required for Sunrise to construct the Mambilla hydroelectric project up to completion stage was estimated at a maximum of $6bn by four ministers of Power and Obasanjo before his tenure as Minister of Power.
“As a matter of fact, Sunrise has not been paid a single Naira or Dollar by the FGN from 2000 till date . Sunrise was to source for funds and execute the project with its own funds. The investment of Sunrise to construct the Mambilla hydroelectric project up to the completion stage to deliver electricity was adjudged at a maximum of $6 billion by four Ministers of Power and the former president before I became Minister of Power.
He added that in 2003, Obasanjo changed his mind and decided to award the contract “by paying from government own funds.”
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