The Economic and Financial Crimes Commission (EFCC) has constituted a special team to investigate financial transactions linked to the Mambilla Hydroelectric Power Project and trace properties suspected to have been acquired in connection with the transactions.


The investigation, supervised by EFCC Chairman Ola Olukoyede, follows concerns raised in the recent International Chamber of Commerce (ICC) arbitration proceedings involving Sunrise Power and Transmission Company Limited and its promoter, Leno Adesanya.


According to reports, the EFCC team is reviewing the 620-page final arbitration award and other related documents. Several individuals who featured in the proceedings are expected to come under scrutiny, including 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, and his son Abubakar Dasuki.


$500,000 Payment to Atiku’s Former Wife


One of the transactions being examined is a $500,000 payment made by Adesanya in January 2003 from an account belonging to his company, China Castle Investments Limited, to a United States bank account belonging to Jennifer Douglas, who was then married to Atiku.


The payment was made months before Sunrise Power was purportedly awarded a Build-Operate-Transfer contract for the Mambilla project.


During the arbitration, Adesanya reportedly explained that the payment was related to a foreign-exchange transaction undertaken for Atiku through his bureau de change business.


However, the ICC tribunal noted that the explanation was not supported by documentary or witness evidence. The tribunal raised concerns over the circumstances surrounding the payment, while not making a finding that Atiku received a bribe.


Atiku has denied being indicted by the tribunal and maintained that the arbitration did not establish that he received a bribe or corruptly influenced the award of the Mambilla contract.


$1.74m Payment to Dasuki’s Son


The EFCC is also reviewing a $1.74 million payment made by Adesanya to Abubakar Dasuki, son of former NSA Sambo Dasuki, in December 2014.


Adesanya described the money as a loan intended to support a quarry operation connected to the Mambilla project. However, the tribunal questioned the explanation, citing the absence of a loan agreement and inconsistencies in the evidence regarding the purpose and accounting of the payment.


The tribunal said the circumstances surrounding the transaction raised significant concerns, but the EFCC investigation will determine whether any criminal offence was committed.


EFCC May Invite Individuals for Questioning


Reports indicate that the commission may invite some of the individuals mentioned in the arbitration proceedings for questioning as investigators examine the financial trails, relationships and properties connected to the transactions.


The EFCC is also reportedly tracing properties suspected to be linked to the funds and may seek forfeiture where sufficient legal grounds are established.


The investigation is ongoing, and the transactions being examined do not, by themselves, establish criminal liability against the individuals mentioned.