The Economic and Financial Crimes Commission (EFCC) has commenced moves to investigate former Vice President Atiku Abubakar, former Attorney-General of the Federation, Abubakar Malami, and other individuals linked to alleged questionable transactions surrounding the long-running Mambilla Hydroelectric Power Project.

Sources familiar with the development said on Sunday that the EFCC had constituted a special team to examine the allegations arising from an international arbitration award involving Sunrise Power and Transmission Company Limited and the Federal Government.

It was reported that the investigation is being supervised by EFCC Chairman, Olanipekun Olukoyede, underscoring the importance attached to the matter by the commission.

The development followed Thursday’s ruling by an International Chamber of Commerce arbitration tribunal in Paris, which rejected claims brought by Sunrise and its promoter, Leno Adesanya, against Nigeria.

Sunrise had sought $680 million from the Federal Government as a settlement sum and interest in connection with a separate arbitration claim in which it is demanding more than $2.7 billion in compensation and interest over disputes relating to the 3,960-megawatt Mambilla hydroelectric project in Taraba State.

The tribunal also ordered Sunrise and Adesanya to reimburse Nigeria $11.8 million in legal costs. It rejected the company’s request for an order directing Nigeria to pay $400 million in satisfaction of an alleged $200 million settlement sum and another $200 million in default charges.

It further held that Adesanya was bound by an arbitration agreement with Nigeria and affirmed its jurisdiction over Nigeria’s counterclaim against him and his company.

 Politics Nigeria reports that the award has now triggered renewed scrutiny of transactions and relationships involving several former public officials and individuals whose names featured in the tribunal’s review of events surrounding the Mambilla project.

Among those mentioned were Atiku, Malami, former Minister of Power and Steel Olu Agunloye, former National Security Adviser Sambo Dasuki, his son Abubakar Dasuki, Abdullahi Yola and Dere Awosika.

The tribunal examined a $500,000 payment made by Adesanya on January 30, 2003, from the Swiss account of his offshore company, China Castle Investments Limited, into a United States bank account belonging to Jennifer Douglas, Atiku’s former wife.

Adesanya told the tribunal that the payment was connected to a foreign-exchange transaction undertaken 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 documents establishing its commercial purpose.

The tribunal also noted that neither Atiku nor Douglas provided a witness statement or declaration supporting the explanation.

It further considered the relationship between Adesanya and Atiku, Adesanya’s efforts to secure the Mambilla project and the timing of the payment.

According to the tribunal, the circumstances raised “significant red flags” regarding the payment, the possible use of Atiku’s influence and the subsequent award of the contract to Sunrise.

The tribunal also recalled that Atiku had led a Nigerian delegation to Beijing in July 2002, with Adesanya among the participants. During the visit, Nigeria and Chinese state-owned NCPEC signed a memorandum of understanding covering several projects, including Mambilla.

Atiku has denied being indicted by the tribunal, maintaining that he was not responsible for awarding the contract.

Malami also featured prominently in the tribunal’s findings.

The former AGF was criticised over what the tribunal described as an “inappropriate relationship” with Adesanya and conduct it considered contrary to Nigeria’s interests.

Malami is separately facing trial following allegations by the EFCC that he, his wife and son conspired to conceal, disguise and retain about N8.7 billion allegedly derived from unlawful activities.

Agunloye, who served as Minister of Power and Steel, was also linked to the controversy. He is currently facing a seven-count trial involving allegations of forgery, receiving gratification and disobedience to presidential directives in connection with the Mambilla project.

The tribunal also examined a $1.74 million payment made by Adesanya to Abubakar Dasuki, the son of former NSA Sambo Dasuki.

It said the transaction raised “considerable red flags”, rejecting Adesanya’s claim that the money was a loan because of inconsistencies in his evidence, the absence of a loan agreement and the lack of records showing how Sunrise accounted for the payment.

Yola, a former Solicitor-General of the Federation, and Awosika, a former Permanent Secretary in the Ministry of Power, were also mentioned in connection with alleged bribery and controversial payments.

Sources said the EFCC could invite Atiku and Douglas for questioning as the investigation progresses.

Adesanya, who was at the centre of the transactions examined by the tribunal, is also expected to face scrutiny.

The development has already generated political reactions, with the All Progressives Congress Presidential Campaign Council accusing Atiku of compromising Nigeria’s interests over the Mambilla project and calling on him to withdraw from the 2027 presidential race.

Atiku’s Senior Special Assistant on Public Communication, Phrank Shaibu, rejected the allegation and challenged the APC to identify any portion of the tribunal’s award in which Atiku was found to have received a bribe, abused his office, influenced the award of the contract or participated in a corrupt conspiracy.

Shaibu argued that the arbitration proceedings were commercial in nature and should not be presented as a criminal verdict against Atiku.