₦airaland Forum

The Economic and Financial Crimes Commission (EFCC) has set up a team to investigate individuals named in alleged shady deals in the Mambilla Power Project, involving Leno Adesanya, the promoter of Sunrise Power and Transmission Company Ltd (Sunrise), PREMIUM TIMES can report.

Insiders familiar with the matter told PREMIUM TIMES on Sunday that the new team is being supervised by the Chairman of the commission, Olanipekun Olukoyede, a development PREMIUM TIMES’ sources described as a confirmation of the significance of the task.

The move follows an award issued in favour of Nigeria on Thursday by an International Arbitration Tribunal under the auspices of the International Chamber of Commerce (ICC) in Paris, which rejected the claims in the arbitration instituted by Sunrise Power and Transmission Company Ltd (Sunrise).

The company had made a claim against the Federal Republic of Nigeria, demanding $680 million as a settlement sum and interest in respect of another arbitration in which it is claiming over $2.7 billion in compensation and interest.

The claim relates to disputes associated with the development of the 3,960 MW Mambila Hydroelectric Power Project in Taraba State.

The tribunal, in its verdict on Thursday, directed Sunrise and its promoter to refund Nigeria’s legal fees of $11.8 million. It also rejected Sunrise’s claim for an order that Nigeria should pay the company $400 million in satisfaction of the settlement sum of $200 million and the default sum of $200 million.

The tribunal insisted that Mr Adesanya, the promoter of Sunrise, is bound by the arbitration agreement with Nigeria pursuant to the settlement agreement, adding that it has jurisdiction over Nigeria’s counterclaim against him and his firm.

In his reaction Thursday evening, President Bola Tinubu said the tribunal award affirms the Nigerian State’s determination not to succumb to predatory and exploitative claims by corrupt local and international entities and their enablers and funders.

Atiku, Malami, others named
PREMIUM TIMES’ review of the tribunal’s award showed that many Nigerian politicians and individuals who held public offices were named as associates or officials who had dealings with Mr Adesanya, some in circumstances the tribunal considered shady, corrupt and questionable.

The officials include Atiku Abubakar, his then-wife Jennifer Douglas, Abubakar Malami, Olu Agunloye, Sambo Dasuki, his son Abubakar Dasuki, Abdullahi Yola, and Dere Awosika.

Mr Malami, a former Attorney-General of the Federation (AGF), was severely criticised by the tribunal for acting against Nigeria’s national interest, maintaining an “inappropriate relationship” with Mr Adesanya, and entering into a corrupt deal. Already, Mr Malami is facing trial after the EFCC accused him, his wife, and son of conspiring to conceal, disguise and retain about N8.7 billion proceeds of unlawful activities.

Atiku, former vice president of Nigeria, was named by the tribunal in its review of a $500,000 payment made by Mr Adesanya on 30 January 2003 from the Swiss bank account of his offshore company, China Castle Investments Ltd, to a US bank account belonging to Ms Douglas, Atiku’s ex-wife.

The payment was made less than four months before the Mambilla BOT contract was purportedly awarded to Sunrise by then Minister of Power and Steel, Olu Agunloye. Mr Adesanya told the tribunal that the money was part of a foreign-exchange transaction carried out for Atiku through his bureau de change business.

But the tribunal said that the explanation was not supported by documentary evidence. It said Mr Adesanya did not produce records showing the underlying naira payment, the exchange rate applied, instructions from Atiku or his aides, correspondence concerning the transaction or documentation establishing its commercial purpose.

The tribunal also noted that neither Atiku nor Ms Douglas provided a witness statement or declaration supporting the explanation. The tribunal said Mr Adesanya’s relationship with Atiku, his efforts to secure the Mambilla project for Sunrise and the timing of the payment were relevant to its assessment.

It noted that Atiku had led a Nigerian government delegation to Beijing in July 2002, which included Mr Adesanya, during which the Nigerian government and the Chinese state-owned NCPEC signed a memorandum of understanding covering, among other projects, the Mambilla project.

Against that background, the tribunal said the circumstances raised “significant red flags” concerning the alleged payment, possible use of Atiku’s influence and the subsequent award of the contract.

Atiku has denied being indicted by the tribunal and said he was not responsible for awarding the contract, but failed to address other concerns raised in the verdict.

Others
Mr Agunloye, a former minister of Power and Steel, was tied to payments he claimed he received as part of “medical expenses”. He is already being tried on seven counts of forgery, receiving gratification, and disobedience to presidential directives in relation to the power project.

For Sambo Dasuki, a former National Security Adviser (NSA), the tribunal questioned a $1.74 million payment made by Sunrise Power promoter to Abubakar Dasuki, his son, adding that the transaction raised “considerable red flags.”

The tribunal said Mr Adesanya failed to substantiate his claim that the December 2014 payment was a loan, citing inconsistencies in his evidence, the absence of a loan agreement and the lack of records showing how the transaction was accounted for by Sunrise.

A former Solicitor-General of the Federation, Abdullahi Yola, and a former Permanent Secretary in the Ministry of Power, Dere Awosika, were also named among those involved in alleged bribery and the receipt of controversial payments.

Atiku, ex-wife, others to be invited
Sources who spoke to PREMIUM TIMES on Sunday said Atiku and his ex-wife, Douglas, may be invited by the EFCC for questioning in the coming days or weeks.

Earlier on Friday, the All Progressives Congress (APC) Presidential Campaign Council accused the former vice president of compromising Nigeria’s interests in the Mambilla project and called on him to withdraw from the 2027 presidential race.

But Atiku’s Senior Special Assistant on Public Communication, Phrank Shaibu, dismissed the call and challenged the APC to produce the 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 Power, 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,” Mr Shaibu said.

Mr Adesanya, the promoter of Sunrise, who is at the centre of the deal, is also expected to be investigated, according to sources familiar with the matter.

A top EFCC official confirmed the new development to PREMIUM TIMES on Sunday.

Dele Oyewale, the EFCC spokesperson, confirmed that he is aware of the development but has not been fully briefed about the details.

Dogalmighty17:
The EFCC? They are a joke.
Beta Edu is still walking around free.
Yahaya Bello still hasn't had his day in court.
The former accountant general that stole over 100 billion during Buhari's time is still very much a free man.
The lady in charge of the school feeding program during Buhari's time that claimed she spent hundreds of billions at a time when schools were closed during COVID is still a free woman.
The EFCC has simply become an embarrassment.

ChukwuObe:
Some paid data bots will come here to cry foul over this thread. I can see them shouting witchunting, victimisation etc. They didnt say the same when Atiku was busy dashing out $1,2million to their brother Ikemefuna in the US to chase shadows. What a shame!

SeeWahala:
Oya oo, iwaeda, anonimi, AMINDA run come see as dem wan disgrace your oga for here ooo

5 mind-boggling revelations from Obasanjo’s ‘My Watch’

5. Tinubu was one of the most corrupt, of the 36 governors

Obasanjo never got along too well with former Lagos state governor, Bola Tinubu, and unsurprisingly, Tinubu got a mention in the former’s book.

Obasanjo revealed that then EFCC boss, Nuhu Ribadu tried to investigate almost all the state governors during his tenure but that of the 28 confirmed to be manifestly corrupt or tainted one way or the other, Tinubu’s case was one of the worst.

https://encomium.ng/5-mind-boggling-revelations-from-obasanjos-my-watch/

garykoeman:
So Atiku is this corrupt.
I pity Nigerians hailing the introduction of subsidy and backing of the naira.
After 2yrs una go see leaves for ground and call it money.
Atiku is 80yrs old,and with nothing to lose.

anonimi:
NNPCL’s subsidy payment jump by 47.9% to N7.1trn in 2024

November 26, 2025

The Nigerian National Petroleum Company Limited (NNPCL) paid a total of N7.1 trillion as subsidy for premium motor spirit (PMS) in 2024, this sum represents a 47.9 percent increase from N4.8 trillion recorded in 2023.

This is despite the government’s announcement of subsidy removal in 2023.

The company explained that the amount, which it termed ‘energy security expense’ arises when there is differential between the exchange rate used to freeze the premium motor spirit ex-coastal price and the prevailing rate at the point of import settlement.

According to the report, government had instructed that NNPC Limited cannot sell its PMS above a certain regulated price. It added that the cost of petrol import is usually much higher that the regulated price.

https://businessday.ng/news/article/nnpcls-subsidy-payment-jump-by-47-9-to-n7-1trn-in-2024/?amp

anonimi:
Why are you not pitying Nigerians who pay exorbitant price for petrol instead of N185 Tinubu promised, even though the master strategist of a-looter propaganda politics is paying more subsidy than PDP presidents? Paying subsidy to importers of fuel from their Malta blending plants in a desperate attempt to destroy Dangote’s private refinery that PDP licensed.

Humpty Dumpty Tinubu is 90 years old and has nothing to lose, just like the wicked olodo has nothing to offer Nigeria.

garykoeman:
Nobody can know you better than your boss.

aieromon:
According to sources available to us that time, Obasanjo said he will do a single term but after that, he decided to go for second term. I was physically present at Rivers state Governor’s Lodge when the heat became too much and Obasanjo in the presence of all of us knelt down in front of Atiku begging him to allow him do a second term. I think that was how Atiku missed the opportunity by agreeing to Obasanjo’s plea. His thought was that at least, if Obasanjo completes his second term, he will hand over to him but you all know the story of Third Term Agenda and that was how they fell apart. Atiku had the best opportunity to become president in 2003 and lost it. He had the support of PDP governors then.

https://independent.ng/atiku-lost-opportunity-become-president-2003-idahosa/

AMINDA:
Diversionary tactics to cover up the shame and scandal of missing out on UNGA due to fear.

garykoeman:
Atiku fmr boss told Nigerian already, Atiku has propensity for poor judgement.
Ability to stick to truth at all time.
His subsidy introduction is as fake as his origin.

anonimi:
How Indorama sustains manufacturers, boosts Nigeria’s FX earnings

Indorama Eleme Petrochemicals Limited (IEPL) has emerged as a major value creator in the Nigerian economy. It is responsible for the survival, growth and sustenance of many manufacturing companies in Nigeria today. A large number of plastic and allied firms depend on the Eleme-based company for petrochemical resins (or polymer resins) which serve as their raw materials.

The petrochemical company is just one of the several subsidiaries of Indorama-Nigeria Group, which also comprises Indorama Eleme Fertilizer & Chemicals Limited (IEFCL), Indorama PET Nigeria Limited, and Indorama Port Operations.

Since Indorama Corporation of Indonesia became core investor in the old Eleme Petrochemicals Company Limited (EPCL) in 2006 through privatisation programme of the Federal Government, the group has become a game changer in the Nigerian economy.

The petrochemical company has solved the major challenge facing a number of manufacturers— poor access to raw materials. Rather than scramble for foreign exchange to import inputs, the company ensures that manufacturers have access to their critical raw materials, enabling them to save costs and improve margins.

The major resins used by plastic and allied companies are polyethylene and polypropylene. Indorama produces about 45 grades of these products for various industries. About 600 of such companies in Nigeria depend on IEPL for their survival. They are estimated to have over 90,000 workers.

https://businessday.ng/real-sector/article/how-indorama-sustains-manufacturers-boosts-nigerias-fx-earnings/

anonimi:
Below is an example of the poor judgment referred to by the Ota farmer who only promoted peasant farming and government ownership of businesses as military dictator in the late seventies.

garykoeman:
No sensible Nigerians will vote Atiku abubakar.

A man who thrive in corruption.

garykoeman:
No sensible Nigerians will vote Atiku abubakar.
A man who thrive in corruption.

Parachoko:
anonimi is not concerned about Atiku corruption, it's own is that Tinubu must go, and Atiku is his only option

anonimi:
Why would a sensible Nigerian leave Atiku and vote for the worst rogue politician Tinubu

anonimi:
Why would a sensible Nigerian leave Atiku and vote for the worst rogue politician Tinubu

garykoeman:
Voting Atiku will be Nigerians greatest regret.
No one knows you better than your fmr boss.

anonimi:
December 18, 2013

Iyabo Obasanjo writes father, says: ‘Dear Daddy, you don’t own Nigeria

In what is turning out to be a season of open letters, daughter of former President Olusegun Obasanjo, Iyabo, has ruled out further communication with her father till death, describing him as a liar, manipulator, two-faced hypocrite determined to foist on President Goodluck Jonathan what no one would contemplate with him as president.

Senator Iyabo Obasanjo in a letter to her father accused him of having an egoistic craving for power and living a life where only men of low esteem and intellect thrive.

In the 11-page letter dated December 16, 2013 exclusively obtained by Vanguard, Iyabo accused her father of orchestrating a third term for himself as president, cruelty to family members, abandonment of children and grandchildren, and also, a legendary reputation of maltreatment of women.

Iyabo who forswore further political engagements in Nigeria denied any political motive for her missive, and described Nigeria as a country where her father and his ilk have helped to create a situation where smart, capable people bend down to imbeciles to survive. She particularly noted her experience as chairman of the Senate Committee on Health when she led the committee on a retreat appropriated for in the budget only for her to be prosecuted for it.

https://www.vanguardngr.com/2013/12/iyabo-obasanjo-writes-father-says-dear-daddy-dont-nigeria/

anonimi:
In what way is Atiku not a better option to Tinubu

Parachoko:
A man who take a $500k from sunrise is the man who you're claiming is better than Asiwaju?
Atiku is one of the reasons the Mambila Power Plant is not yet operating, but you're fine with it, since no b Tulumbu
If nah Asiwaju fail to condemn the killing of a Christian Girl in Sokoto, till today, you go still dey Wail about am and use am dey score Political Point
But since nah your Messiah fail to condemn the Islamic Fanatics, you're fine with it

Richtaiwo:
Atiku has been nosy and too noisy recently. He needs to know that government's silence on his rascality as a public servant shouldn't be misconstrued as ignorance.

ExudeLoveToAll:
He is a private citizen not a public servant, a private citizen criticizing the government is not a crime or is it a crime in your head? You guys should learn governance for once. So you are insinuating the EFCC investigation is because he is noisy recently? Nigerians are the reason Nigeria is not growing as it should I imagine a thought process.

Exclusive: Nigerian candidate's U.S. visit was temporary reprieve from graft ban
By Andy Sullivan, Lesley Wroughton and Paul Carsten (Reuters)
February 4, 201911:07 AM GMT+1Updated February 4, 2019

WASHINGTON/ABUJA (Reuters) - Nigerian presidential candidate Atiku Abubakar visited Washington two weeks ago to meet with top U.S. diplomats and lawmakers thanks to a temporary suspension of a travel ban linked to decade-old bribery scandals, according to people familiar with the matter.

The U.S. administration has not commented on Atiku's status or his travel, but several U.S. diplomats and others familiar with the visit told Reuters the former vice president has been banned from entering the United States for the past several years after he figured prominently in two corruption cases.


For Atiku's supporters, the fact he was able to visit Washington on Jan. 17 and 18 without being arrested was proof that the allegations were baseless.

"It is fake news, and we showed that," said Harold Molokwu, who heads the U.S. chapter of Atiku's People's Democratic Party of Nigeria.

Several U.S. government officials said the travel ban was waived temporarily by the U.S. State Department after lobbyists mounted a campaign among congressional lawmakers arguing that the administration should not snub the leading challenger to Nigerian President Muhammadu Buhari in the Feb. 16 election.


One person familiar with the matter, speaking on condition of anonymity, said Atiku was allowed to enter because the United States saw little benefit to creating bad blood with the man who might be the next leader of Africa's most populous nation and the continent's biggest oil producer.

Lobbyists hired by Atiku said they sought to overcome resistance at the State Department by securing support from members of Congress for the visit, as well as arguing that the top U.S. official for African affairs, Assistant Secretary Tibor Nagy, had an obligation to encourage democracy in the seventh most populous country in the world.

"Assistant Secretary Nagy was pleased to meet with him and share the U.S. government's expectations that Nigeria's elections be free, fair, transparent, and peaceful, and reflect the will of the Nigerian people," a State Department official said, stressing the department had not requested the waiver.

Buhari first took power in a military coup in the 1980s but was democratically elected in 2015. He is seeking a second term in part on an anti-corruption platform.

Atiku's visa troubles stem from when he served as Nigeria's vice president, from 1999 to 2007.

He figured prominently in the corruption trial of former U.S. Representative William Jefferson, who was accused of trying to bribe Atiku in an effort to expand a technology business in Nigeria. Jefferson was convicted in 2009 and sentenced to 13 years in prison. His sentence was subsequently reduced.

Separately U.S. Senate investigators in 2010 alleged that one of Atiku's four wives helped him transfer more than $40 million in "suspect funds" into the United States from offshore shell companies.

At least $1.7 million of that money was bribes paid by German technology company Siemens AG, according to Senate investigators. Siemens pleaded guilty to bribery charges in 2008 and agreed to pay a $1.6 billion fine.

Atiku has repeatedly denied any wrongdoing. Neither he nor his wife face criminal charges in the United States.

"These issues have been addressed several times in the past and we do not wish to comment further on them," a spokesman for Atiku said when asked about the corruption allegations.

WHIRLWIND VISIT
Atiku's whirlwind visit to Washington last month was put together with the help of two U.S. lobbying firms.

Holland & Knight was hired by Atiku personally in December to help him secure a visa, in part by enlisting members of Congress to request one on his behalf, according to a lobbyist for the firm. It has been paid $80,000 so far.

Ballard Partners was hired by Atiku's political party at a rate of $90,000 per month in September, before Atiku emerged as the party's candidate, according to U.S. disclosure filings.

The firm's lobbyists worked to set up a meeting with Nagy, arguing it would show that the United States wanted to encourage free and fair elections in a country where graft is endemic.

"We are not asking the administration or anyone to take sides, but to merely demand the same level of freeness and fairness," Ballard lobbyist Jamie Rubin told Reuters.

Aside from Nagy, Atiku met with business leaders at the U.S. Chamber of Commerce and at least two Republican lawmakers in the House of Representatives who specialise in foreign affairs, Representative Michael McCaul of Texas and Representative Chris Smith of New Jersey.

Neither requested a visa waiver for Atiku, spokespeople for the two congressmen said. Atiku stayed at the Trump International Hotel, owned by the president, and met with several hundred Nigerian expatriates there, according to two people who attended the gathering. The luxury hotel is the subject of several lawsuits that allege Trump is violating an anti-corruption clause in the U.S. Constitution that limits the president's ability to accept gifts from foreign governments. Atiku's supporters say they chose the hotel because they were able to book rooms at a discounted rate with only a few days' notice.

"I think it was because of the availability of the space," said Uche Udemadu, an official with the U.S. chapter of the People's Democratic Party of Nigeria.

A spokeswoman for the hotel declined to comment.https://www.reuters.com/article/world/exclusive-nigerian-candidates-us-visit-was-temporary-reprieve-from-graft-ban-idUSKCN1PT0TS/

anonimi:
What has Bola done with the 100 times increase in lagos budget to N4.2 trillion in