$16bn power probe: More heads to roll

More heads will roll in the $16 billion failed power project as the Economic and Financial Crimes Commission (EFCC) is set to arrest more chief executive officers and owners of companies allegedly involved in the deal.

Already, the anti-graft agency has arrested and detained two topshots of the Niger Delta Power Holding Company (NHPDC).

Daily Sun gathered yesterday evening, in Abuja, that owners of two indigenous firms already identified to have been involved in the deal will be picked up before next week.

They will be asked to explain how they shared $8.6 billion dollars, which was reportedly collected in cash and diverted through the NHPDC.

An EFCC source reiterated that, “already, two influential Nigerians, male, with links in the communications, flour, aviation and engineering sectors of the economy will be picked up soon.

“Another topshot that would be arrested soon was once head of the Nigeria Stock Exchange.

“We want to know how the $8.5 billion was cornered, the dramatis personae, the vehicle (company) used to siphon the cash and the sharing ratio among those involved. Another top Nigerian, with links in some vital sectors of the economy, including the banking sector, will soon be arrested in connection with the deal.

Meanwhile, the four detained officials were released on administrative bail yesterday.

They are to report tomorrow and Monday  to answer more questions on how the $8.6 billion cash was dispensed.

The source added: “They have brought some documents required by the Commission on the matter. Certain documents on compensation have also been submitted to the investigators. But the necessary documents on approval for payment are still outstanding. The Commission is still on the trail of other big fishes involved or neck deep in the billion dollars power scam.”

On Wednesday, EFCC arrested detained two top officials of the Niger Delta Power Holding Company (NDPHC), the company which supervised execution of the $16 billion failed power projects.

They were the Head of Finance, Marvel Emefiele and Head of Compensation, Eze M. C. Odigbo.

They are expected to account for the N850 million earmarked as compensation to communities where components of the power project were sited.

Others in EFCC’s net are Managing Director of Pivot Engineering, Mr. Richard Ayibiowu and the Managing Director of Chris Ejik Nigeria Limited, Mr. Christain Ejik Imoka.

In May 28, President Muhammadu Buhari threw a jibe at his predecessor, former President Olusegun Obasanjo, when he wondered aloud why he (Obasanjo) would brag about spending such money on power without any corresponding result.

“Where is the power,” the president famously said.

In 2008, with Ndudi Elumelu as chairman of the committee, the House of Representatives described the alleged $16 billion spent on power projects by the Obasanjo administration as “a colossal waste.”

Earlier, in 2016, the Socio-Economic Rights and Accountability Project demanded for an investigation into the expenditure.