AGUNLOYE’S ALLEGED $6B MAMBILLA PROJECT FRAUD : WITNESS AFFIRMS AUTHENTICITY OF PROSECUTION’S EXHIBIT. (PHOTO).#PRESS RELEASE

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Agunloye’s Alleged $6b Mambilla Project Fraud :  Witness Affirms Authenticity of Prosecution’s Exhibit The trial of the former Minister of Power, Olu Agunloye, continued on Thursday, June 18, 2026 before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court, Apo, Abuja with the Sixth Prosecution Witness, PW6, Iliya John Iyakwari, denying under cross-examination by defence counsel, Adeola Adedipe, SAN, that there is an extract of the Federal Executive Council meeting of May 21, 2003, different from the  one, marked Exhibit EFCC 3K which he certified and was tendered in evidence by the prosecution. Agunloye is facing prosecution by the Economic and Financial Crimes Commission, EFCC on amended seven-count charge, bordering on official corruption and fraudulent award of Mambilla Power Project contract to the tune of $6billion (Six Billion United States Dollars) to Sunrise Power Transmission Company Limited. Further in the cross-examination, the defence counsel appli...
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NAIRA DEPRECIATION CONTINUES AS DOLLAR SUPPLY FALLS TO ALL-TIKE LOW AT DOREX MARKET. (PHOTO).

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 Naira depreciation continues as dollar supply falls to all-time low at forex market


Naira depreciation continued as US dollar transactions at the official foreign exchange market dropped to an all-time low of $84.38 million.


This is according to FMDQ data at the close of work on Thursday.


The day-to-day FX supply turnover dropped from $160.77 million on Tuesday to $84.38 million on Thursday.


Consequently, the Naira further dipped to N1459.73 per dollar on Thursday from N1416.57 on Wednesday.


This represents an N43.17 depreciation against the dollar at the official foreign exchange market.


Similarly, the Naira dropped to N1,450 per dollar on Thursday in the parallel market section, compared to N1,438 the previous day. This brings the gap between the official and parallel markets to N9.73.


Naira’s depreciation has been consistent for days now in the FX market.


The country’s forex instability has persisted despite the recent surge in foreign reserves by $262 million.

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