The Economic and Financial Crimes Commission (EFCC) has constituted a team to investigate individuals and transactions mentioned in an International Chamber of Commerce (ICC) arbitration award relating to the long-running dispute over the Mambilla Hydroelectric Power Project.
The development follows an arbitration tribunal’s recent ruling in favour of Nigeria in a case brought by Sunrise Power and Transmission Company Limited, promoted by Leno Adesanya.
Sources familiar with the matter told PREMIUM TIMES that the new EFCC team is being supervised by the commission’s Chairman, Olanipekun Olukoyede, underscoring the importance attached to the investigation.
The tribunal, sitting under the auspices of the ICC in Paris, rejected claims by Sunrise in the latest arbitration and ordered the company and Adesanya to reimburse Nigeria $11.8 million in legal costs.
Sunrise had sought $680 million from Nigeria as a settlement sum and interest relating to a separate arbitration in which it is claiming more than $2.7 billion in compensation and interest.
The dispute is connected to the proposed 3,960-megawatt Mambilla Hydroelectric Power Project in Taraba State.
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👉 JOIN WHATSAPP CHANNELThe tribunal also rejected Sunrise’s request for an order compelling Nigeria to pay $400 million in relation to a disputed $200 million settlement sum and another $200 million default sum.
It further held that Adesanya was bound by the arbitration agreement with Nigeria under the settlement agreement and that it had jurisdiction over Nigeria’s counterclaim against him and his company.
Following the ruling, President Bola Tinubu said the decision affirmed Nigeria’s determination not to yield to what he described as predatory and exploitative claims by corrupt local and international entities, as well as their enablers and funders.
Individuals named in award
A review of the tribunal’s award reportedly referenced several Nigerian politicians and former public officials in connection with dealings involving Adesanya.
Those named included former Vice President Atiku Abubakar, his former wife Jennifer Douglas, former Attorney-General of the Federation Abubakar Malami, former Minister of Power and Steel Olu Agunloye, former National Security Adviser Sambo Dasuki, his son Abubakar Dasuki, former Solicitor-General of the Federation Abdullahi Yola and former Permanent Secretary in the Ministry of Power Dere Awosika.
The tribunal raised questions about some of the transactions and relationships described in the proceedings.
Malami, in particular, was criticised by the tribunal over what it described as an “inappropriate relationship” with Adesanya and conduct it considered contrary to Nigeria’s national interest.
Malami is separately facing an EFCC case over allegations involving the concealment, disguise and retention of about N8.7 billion in proceeds of unlawful activities. The allegations in that case remain subject to judicial determination.
Atiku Payment Questioned
Atiku was mentioned in connection with a $500,000 payment allegedly made by Adesanya on January 30, 2003, from the Swiss bank account of his offshore company, China Castle Investments Limited, to a US bank account belonging to Douglas.
The payment was made less than four months before the Mambilla build-operate-transfer contract was purportedly awarded to Sunrise by Agunloye, who was then Minister of Power and Steel.
Adesanya reportedly told the tribunal that the money was connected to a foreign-exchange transaction conducted for Atiku through his bureau de change business.
However, the tribunal said the explanation was not supported by documentary evidence presented before it.
According to the award, Adesanya did not provide records showing the underlying naira payment, the exchange rate used, instructions from Atiku or his aides, correspondence relating to the transaction or documents establishing its commercial purpose.
The tribunal also noted that neither Atiku nor Douglas provided a witness statement or declaration supporting the explanation.
The arbitrators said Adesanya’s relationship with Atiku, his efforts to secure the Mambilla project for Sunrise and the timing of the payment were relevant to their assessment of the circumstances surrounding the transaction.
The tribunal also referred to Atiku’s role in leading a Nigerian government delegation to Beijing in July 2002, which included Adesanya. During the visit, the Nigerian government and Chinese state-owned NCPEC signed a memorandum of understanding covering several projects, including Mambilla.
The tribunal said the circumstances surrounding the payment raised what it described as “significant red flags”, including questions about the possible use of Atiku’s influence and the subsequent award of the contract.
The findings, however, came from a commercial arbitration proceeding and should be distinguished from a criminal conviction or finding of criminal liability.
Other transactions examined
Agunloye was also mentioned in relation to payments he reportedly described as medical expenses. He is separately facing trial on seven counts bordering on forgery, receiving gratification and disobedience to presidential directives in connection with the Mambilla project.
The tribunal also examined a $1.74 million payment allegedly made by Adesanya to Abubakar Dasuki, son of former National Security Adviser Sambo Dasuki.
According to the award, the transaction raised “considerable red flags”.
The tribunal said Adesanya did not substantiate his explanation that the December 2014 payment was a loan, pointing to inconsistencies in his evidence, the absence of a loan agreement and a lack of records showing how the transaction was accounted for by Sunrise.
Yola and Awosika were also named in connection with allegations concerning controversial payments and alleged bribery.
Atiku, ex-wife may be invited
Sources familiar with the EFCC investigation said Atiku and Douglas could be invited for questioning in the coming days or weeks.
The development follows renewed political controversy over the arbitration award.
The All Progressives Congress (APC) Presidential Campaign Council had earlier accused Atiku of compromising Nigeria’s interests in the Mambilla project and called on him to withdraw from the 2027 presidential race.
Atiku’s Senior Special Assistant on Public Communication, Phrank Shaibu, rejected the allegation and challenged the APC to identify any portion of the tribunal’s final award in which Atiku was found to have received a bribe, abused his office, influenced the award of the contract to Sunrise or participated in a corrupt conspiracy.
“A commercial arbitration did not indict Atiku, did not convict Atiku and cannot be transformed into a criminal verdict by repetition,” Shaibu said.
Adesanya, who is at the centre of the Sunrise Power dispute, is also expected to be investigated as part of the EFCC’s probe, according to sources familiar with the matter.
A senior EFCC official confirmed awareness of the development, while the commission’s spokesperson, Dele Oyewale, said he was aware of the report but had not been fully briefed on the details.
The planned investigation is expected to examine the transactions, relationships and allegations referenced in the arbitration proceedings and determine whether they disclose any offences within the EFCC’s mandate.
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