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Without my approval, none of my ministers may authorise more than $25 million. Obasanjo



Obasanjo questioned a former Power and Steel Minister to explain how he obtained the right to award a $6 billion contract to a corporation.

Former Nigerian President Olusegun Obasanjo revealed that during his tenure as president, no ministry had the ability to sign off on any deal or initiative costing more than $25 million.

You may recall that Obasanjo served as the leader of Africa’s most populous black nation twice, first as a military head of state between 1975 and 1979, and then as a democratically elected president for two terms between 1999 and 2007.

Meanwhile, in response to an ongoing legal dispute between the Federal Government and Sunrise Power and Transmission Ltd over the $6 billion Mambilla Hydropower Project contract, Obasanjo challenged a former minister of power and steel, Olu Agunloye, to explain where he got the approval to award such a contract in 2003.

Sunrise Power filed a complaint with the International Chamber of Commerce (ICC) in Paris, France, alleging a violation of contract by the federal government.

In the first arbitration, the corporation sought $2.3 billion in damages, claiming that it had spent millions of dollars on financial and legal advice before the Federal Government reneged.

Following that, the business requested a $400 million compensation as part of the terms of the deal it reached with the federal government in 2020 to stop the arbitration.

However, in response to the weekend developments, the former President told TheCable, “When I was president, no minister had the authority to approve more than 25 million without express presidential consent.”

“Agunloye couldn’t commit my government to a $6 billion project without my permission, and I didn’t give him any.”

“I am prepared to testify if a commission of inquiry is established today to investigate the matter.” I don’t even need to testify because all of the evidence is there. It was never approved by me.”

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