NIGERIA: The Economic and Financial Crimes Commission (EFCC) has constituted a team to investigate individuals named in alleged questionable dealings linked to the controversial Mambilla Hydroelectric Power Project in Taraba State, following a recent ruling by an International Chamber of Commerce (ICC) arbitration tribunal in Paris.
Premium Times reports that the investigative team is being supervised by EFCC Chairman, Ola Olukoyede.
The development comes days after the ICC tribunal rejected major claims brought by Sunrise Power and Transmission Company Limited against Nigeria over the 3,960-megawatt Mambilla project.
Sunrise had demanded $680 million from Nigeria in relation to a settlement agreement, while separately pursuing a claim exceeding $2.7 billion in compensation and interest, according to the Premium Times report.
In its September 16, 2026 final award, the tribunal rejected Sunrise’s claims and ordered the company and its promoter, Leno Adesanya, to reimburse Nigeria $11.8 million in legal costs. It also rejected a claim seeking $400 million from Nigeria under a settlement arrangement involving a $200 million settlement sum and a further $200 million default payment.
The tribunal further held that Adesanya was bound by the arbitration agreement with Nigeria and that it had jurisdiction over Nigeria’s counterclaims against him and Sunrise.
According to Premium Times, EFCC investigators are expected to examine transactions and relationships involving individuals named in the tribunal’s findings, particularly payments that the tribunal said raised concerns or presented “red flags.”
Those named include former Vice-President Atiku Abubakar, his former wife Jennifer Douglas, former Attorney-General of the Federation (AGF) 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.
Atiku, ex-wife linked to $500,000 payment
The tribunal examined a $500,000 payment made by Adesanya on January 30, 2003, from the Swiss bank account of his offshore company, China Castle Investments Limited, to a United States bank account belonging to Douglas, who was then Atiku’s wife.
The payment was made less than four months before Agunloye, then Minister of Power and Steel, purportedly awarded Sunrise the Mambilla build-operate-transfer contract.
Adesanya told the tribunal that the money represented a foreign-exchange transaction carried out for Atiku through his bureau de change business.
However, the tribunal said the explanation was not supported by documentary evidence. It noted the absence of records showing the underlying naira payment, exchange rate, instructions from Atiku or his aides, correspondence relating to the transaction or documentation establishing its commercial purpose. Neither Atiku nor Douglas provided a witness statement or declaration supporting the explanation.
The tribunal also considered Adesanya’s relationship with Atiku and his efforts to secure the Mambilla project for Sunrise.
Atiku had led a Nigerian government delegation to Beijing in July 2002 that included Adesanya. During the visit, Nigeria and Chinese state-owned NCPEC signed a memorandum of understanding covering several projects, including Mambilla.
The tribunal said the circumstances surrounding the $500,000 payment raised “significant red flags”. However, it did not find that Atiku had actually used his position to secure the Mambilla contract for Sunrise.
Atiku has subsequently denied being indicted by the tribunal and maintained that he was not responsible for awarding the contract.
Malami, Agunloye and Dasuki payments
The tribunal was particularly critical of Malami, who served as Attorney-General of the Federation under former President Muhammadu Buhari.
According to the award, the tribunal found that Malami had acted against Nigeria’s interests and entered into a corrupt arrangement with Adesanya concerning a proposed $200 million settlement. The tribunal’s findings on Malami were separate from the $500,000 transaction involving Atiku’s former wife.
Malami is already facing an EFCC case in Nigeria over allegations that he, his wife and son conspired to conceal, disguise and retain about N8.7 billion allegedly derived from unlawful activities.
Agunloye was also linked to payments which he reportedly described as medical expenses. He is currently standing trial over charges arising from the Mambilla project.
The tribunal also questioned a $1.74 million payment to Abubakar Dasuki, son of the former NSA, Sambo Dasuki.
According to the tribunal, Adesanya failed to substantiate his claim that the payment was a loan. It cited inconsistencies in the evidence, the absence of a loan agreement and a lack of records showing how the transaction was accounted for by Sunrise. The tribunal described the circumstances surrounding the payment as raising “considerable red flags.”
Yola and Awosika were also mentioned in connection with alleged bribery and controversial payments.
EFCC may invite Atiku, ex-wife
Sources cited by Premium Times said the EFCC may invite Atiku and Douglas for questioning in the coming days or weeks as investigators examine the transactions highlighted by the ICC tribunal.
The EFCC spokesperson, Dele Oyewale, reportedly confirmed awareness of the development but said he had not been fully briefed on the details.
The investigation follows the ICC tribunal’s ruling in favour of Nigeria, which rejected Sunrise’s claims arising from the long-running dispute over the Mambilla project and ordered the company and its promoter to pay Nigeria’s legal costs.
The tribunal’s findings concerning individual transactions are now being examined separately by Nigerian investigators, meaning that the EFCC probe will determine whether any of the transactions or relationships disclosed in the arbitration award amount to offences under Nigerian law.
