PUTIN WOOS AFRICAN LEADERS AT SHOWCASE SUMMIT, SAYS RUSSIA IS BETTER PARTNER THAN 'COLONIAL' WEST. (PHOTO).

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 Putin woos African leaders at showcase summit, says Russia is better partner than 'colonial' West President Vladimir Putin told African leaders ​on Wednesday that Russia was their best partner, accusing what he cast as a colonial West of still trying ‌to exploit the continent's resources and using debt to hold back development, Reuters reported. The Kremlin chief was speaking at the third Russia-Africa Summit in Moscow, a two-day event attended by African leaders and government delegations from 48 countries, during which he will hold one-on-one talks with many of the 22 individual African leaders ​attending on everything from trade to security, arms deals and grain supplies. "Africa is increasingly asserting itself as one of the key players in the global economy and politics. However, the emergence of a multipolar world is, of ​course, no easy task; it faces resistance from countries that are not prepared to accept this reality: those who are accustomed to ​thinking i...
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ALLEGED $6BN MAMBILA POWER FRAUD: NO RECORD TO CONFIRM CHINA`S FINANCIAL AGENCIES WERE PART OF THE AGREEMENT - WITNESS. (PHOTO). #PRESS RELEASE

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Alleged $6bn Mambila Power Fraud:  No Record to Confirm China`s Financial Agencies were part of the Agreement - Witness


The third prosecuting witness, PW3, Umar Hussein Babangida in the ongoing trial of a former Minister of Power and Steel, Olu Agunloye on Monday, January 19, 2026 told Justice Jude Onwuegbuzie of the Federal High Court sitting in Abuja that he has not seen any record of agreement involving China’s financial agencies, ; Chinese Ministry of Foreign Trade and Economic Cooperation, MOFTEC Limited and China Import Export Bank being part of the Memorandum of Understanding, MoU,  for the contract award of Mambilla Power plant. 


Agunloye is facing trial on an amended seven-count charge, bordering on alleged official corruption and fraudulent award of Mambilla Power Project contract to the tune of $6billion (Six Billion United States Dollars).


During Monday’s proceedings, Pw3,  Babangida,  while being cross- examined by defense counsel Adeola Adedipe, SAN, on Annexure 2 of Exhibit EFCC 3d,  stated that there was no record to show that MOFTEC and China Import Export bank are parties to the agreement of the MoU.  


He further stated that the basis of the recommendations included the acceptance of government participation of not more than 25% which was subject to  discussion at the Federal Executive Council meeting of May 21, 2003.


    


“Sunrise Power and Transmission Company Ltd had proposed 35% government participation, while Tafag Nigeria limited proposed 25% government participation and the then President directed that government participation should not be more than 25% for both companies, so 25% became a subject for deliberation at the FEC meeting” he said


He further confirmed that when the MoU was presented during the FEC meeting, members of the FEC supported the memorandum, adding that at the time of presentation of the MoU, N6bn had been allocated already for the takeoff of the project.


While reading the then President`s comment on the MoU, Babangida said “Minister: approved.  Please,  give the two same parameters i.e Federal Government  participation not more than 25%. Tariff not higher than prevailing tariff of thermal plant”


Just Onwuegbuzie adjourned the matter to Wednesday, January 21, 2026 for continuation of cross examination.

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