The Economic and Financial Crimes Commission (EFCC) has started a probe into the administration of a former President Olusegun Obasanjo.
Concise News understands that the probe is into the $16 billion power project of the administration.
Sources said the EFCC may arrest key contractors involved in the power project scam.
The project extended beyond the Obasanjo government into those of former Presidents Umaru Yar’Adua and Goodluck Jonathan.
Two former ministers and 18 top former and serving public officers will be investigated.
Some top officials of the Central Bank of Nigeria (CBN) will also be questioned by the EFCC.
“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,” a source told The Nation.
“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.”