The Economic and Financial Crimes Commission (EFCC) has launched a fresh investigation into financial transactions connected to Nigeria’s disputed Mambilla Hydroelectric Power Project, examining payments involving prominent political figures and tracing properties potentially acquired with funds linked to the project.
The investigation follows an international arbitration ruling that rejected claims brought against Nigeria by Sunrise Power and Transmission Company Limited and its promoter, Leno Adesanya, over the proposed 3,960-megawatt electricity project in Taraba State.
An EFCC investigative team, operating under the supervision of commission , is reviewing evidence from the 620-page final award of the International Chamber of Commerce (ICC) tribunal and related proceedings.
According to a source familiar with the investigation, the commission is examining the movement of funds, relationships between individuals involved in the project and assets that may be connected to the transactions.
Several people mentioned in the arbitration proceedings could be invited for questioning as investigators assess the available evidence.
Those named in the proceedings include 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 Abdullahi Yola and former Permanent Secretary in the Ministry of Power Dere Awosika.
The EFCC has not publicly established criminal liability against the individuals through the investigation described in the report. Any decision to pursue asset forfeiture would depend on the commission establishing the necessary legal grounds.
$500,000 Payment to Atiku’s Former Wife Under Review
One transaction attracting investigators’ attention is a $500,000 payment made in January 2003 by Adesanya from a Swiss account belonging to China Castle Investments Limited to a United States account held by Jennifer Douglas, who was married to Atiku at the time.
The payment was made months before Agunloye, then minister of power and steel, purportedly awarded Sunrise a build-operate-transfer (BOT) contract for the Mambilla project.
The ICC tribunal examined the timing of the transaction and Adesanya’s relationship with Atiku as part of its consideration of the dispute. It noted that neither Atiku nor Douglas provided a witness statement or declaration supporting the explanation offered for the payment.
The tribunal said the circumstances raised “significant red flags”, particularly in relation to questions about possible political influence and Sunrise’s efforts to secure the project.
Atiku has denied being indicted by the tribunal. He has also maintained that he was not responsible for awarding the contract.
$1.74m Transfer to Dasuki’s Son Also Examined
Investigators are also reviewing a $1.74 million payment Adesanya made to Abubakar Dasuki, the son of former national security adviser Sambo Dasuki, in December 2014.
During the arbitration, Adesanya reportedly described the transfer as a loan. The tribunal questioned that explanation, noting the absence of a loan agreement and other documentation establishing the transaction’s terms and accounting treatment.
It said the circumstances surrounding the payment raised “considerable red flags”. Sambo Dasuki was also mentioned in the proceedings in connection with the transaction involving his son.
The EFCC’s review is expected to consider the transaction alongside other evidence concerning the parties and their dealings.
Malami’s Role in 2020 Settlement Examined
Malami is among the former officials whose actions are being scrutinised in connection with the project’s subsequent negotiations.
The former attorney general featured prominently in the tribunal’s examination of a 2020 settlement agreement between Nigeria and Sunrise. Nigeria had alleged that Malami acted against the country’s interests and entered into improper arrangements with Adesanya.
The tribunal considered aspects of Malami’s dealings with the businessman as part of the wider dispute. The EFCC is now reviewing the relevant material to determine whether further investigative steps are warranted.
Agunloye, Yola and Awosika Transactions
Agunloye, who was in office when Sunrise was purportedly awarded the original Mambilla BOT contract in May 2003, was also mentioned in connection with a payment of approximately ₦5.2 million made through an intermediary in 2019.
The tribunal considered the timing and circumstances of the payment relevant to Nigeria’s allegations concerning the relationship between Adesanya and officials involved in the project.
Agunloye is separately facing criminal proceedings over the Mambilla project. He has pleaded not guilty to charges that include forgery, receiving gratification and disobedience to presidential directives.
The arbitration proceedings also examined the roles of officials involved in later negotiations.
Abdullahi Yola, who represented the Ministry of Justice during negotiations surrounding the 2012 General Project Execution Agreement and related settlement documents, was linked to an approximately $50,000 payment made by Adesanya through Lutin Investment in 2015.
Dere Awosika, a former permanent secretary in the Ministry of Power who participated in project negotiations, was mentioned in connection with three payments totalling approximately $135,000. The payments were reportedly made by Lutin Investments to a company belonging to her son.
The EFCC is examining these transactions alongside the wider body of evidence from the arbitration.
Asset Tracing and Possible Forfeiture
The investigation extends beyond the individual transfers. According to the source, investigators are attempting to establish how the money moved, the relationships among the parties and whether properties were acquired with proceeds connected to the transactions.
The commission will determine its next steps after assessing the available evidence, including whether any assets meet the legal threshold for forfeiture.
The investigation represents a further stage in the long-running controversy surrounding the Mambilla project, which has involved disputes over the original contract, subsequent negotiations and Nigeria’s potential financial exposure.
The ICC award provides investigators with a substantial documentary record to examine, but the existence of a payment or the mention of an individual in arbitration proceedings does not, by itself, establish that a crime was committed.
The EFCC’s findings and any subsequent legal proceedings will determine whether the transactions lead to formal charges or asset-recovery actions.
