EFCC has constituted a team to investigate financial transactions and properties linked to the Mambilla project after findings from the recent ICC arbitration
EFCC Moves on Mambilla Deal, Probes Atiku, Malami, Others Over Transactions Flagged in ICC Case
The Economic and Financial Crimes Commission (EFCC) has opened a fresh investigation into financial transactions linked to the controversial Mambilla Hydroelectric Power Project, with investigators also tracing properties suspected to be connected to funds examined during the recent International Chamber of Commerce (ICC) arbitration.
The investigation, being supervised by EFCC Chairman Ola Olukoyede, follows the ICC tribunal’s recent award in the long-running dispute between Sunrise Power and Transmission Company Limited and the Federal Government over the 3,960-megawatt Mambilla project in Taraba State. The tribunal rejected Sunrise Power’s claims against Nigeria, while its findings examined a series of financial transactions involving people connected to the project.
Sources familiar with the EFCC investigation said a special team had been constituted to review the tribunal’s final award, including transactions, relationships and other evidence placed before the arbitration panel.
Those expected to come under scrutiny 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 of the Federation Abdullahi Yola and former Permanent Secretary in the Ministry of Power Dere Awosika.
“Yes, the process is on,” an EFCC source familiar with the development said.
One transaction attracting investigators’ attention is a $500,000 payment made by Leno Adesanya, promoter of Sunrise Power, in January 2003 from the Swiss account of China Castle Investments Limited to a United States account belonging to Jennifer Douglas, who was then married to Atiku.
The payment was made months before Sunrise was purportedly awarded a Build-Operate-Transfer contract for the Mambilla project by Agunloye, who was then Minister of Power and Steel. During the arbitration, Adesanya said the payment was connected to a foreign-exchange transaction conducted for Atiku.
The tribunal, however, said the explanation was not supported by sufficient evidence and noted that neither Atiku nor Douglas provided a witness statement or declaration supporting the account. The circumstances surrounding the payment were consequently examined closely by the tribunal.
Another transaction under review is a $1.74 million payment made by Adesanya to Abubakar Dasuki in December 2014. Adesanya reportedly described the transaction as a loan, but the tribunal noted the absence of a loan agreement and other documentation establishing its nature.
The proceedings also examined payments and dealings involving Agunloye, Malami, Yola and Awosika at different stages of the Mambilla dispute.
The EFCC’s review will not be limited to the individual transactions, according to the source. Investigators are also examining the relationships among those involved, the movement of funds and properties that may have been acquired with proceeds connected to the transactions.
The commission is expected to determine its next steps after assessing the available evidence, including whether particular assets meet the legal threshold for recovery or forfeiture.
The reported investigation remains at the investigative stage. The EFCC has not publicly announced charges against the individuals named in connection with the latest probe, and being mentioned in the ICC proceedings or EFCC review does not by itself establish criminal wrongdoing.
