The Economic and Financial Crimes Commission (EFCC) has started investigation into the $16 billion power project during former President Olusegun Obasanjo‘s administration.
According to the latest report, the anti-graft agency may make some arrests of key contractors involved in the power project scam.
The $16b power scam went beyond Obasanjo’s administration into those of former Presidents Umaru Yar’Adua and Goodluck Jonathan.
A source revealed that about 18 top former and serving public officers, including two ex-ministers, may be questioned — The EFCC may likely investigate some top officials of the Central Bank of Nigeria (CBN).
A reliable source in the EFCC revealed that a team of crack detectives had been put in place to interrogate the people involved in the scam.
The source said: “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.
“Investigators also discovered that most of the firms that secured contracts under the power project collected huge sums in naira and dollars but did not perform up to 30 per cent before abandoning the project.
“Incidentally, most of the payments took place during the regimes of former Presidents Olusegun Obasanjo, the late President Umaru Yar’Adua and Goodluck Jonathan.
“The first amount released from the Excess Crude Account was about $8.3 billion.”
Another source said: “A team of crack detectives has been raised by the commission to get to the roots of the power deal. Some of the key contractors will soon be quizzed.
“One of the major contractors – Rockson Engineering Ltd- is being allegedly taken over by the Assets Management Corporation of Nigeria.
“From documents available to the commission, Rockson got four contracts and it received over $2 billion in the following tranches: $180 million; $220 million; $240 million and $480 million.
“Rockson also received questionable $11 million and another N150 million.
These payments are now under investigation.
“These huge funds were released to Rockson for power generation alone.
“Investigation further revealed that despite the release of the above to Rockson, the firm was only able to execute 30 per cent of the construction.
“The firm also claimed that it imported certain materials since 2013 and lying in Onne Port without clearing.”