Leno Adesanya

Full Report

Key Points

• Prominent Business Figure: Leno Adesanya is a Nigerian businessman and CEO of Lutin Investments, with significant involvement in oil, gas, and power sectors, notably through Sunrise Power and Transmission Company Limited.

• Mambilla Hydropower Controversy: Adesanya is central to a $6 billion Mambilla hydropower project dispute, facing allegations of fraud, bribery, and corruption, with ongoing arbitration at the International Chamber of Commerce (ICC) in Paris.

• EFCC Investigations: The Economic and Financial Crimes Commission (EFCC) declared Adesanya wanted in 2024 for alleged conspiracy and corrupt practices, though a court later restrained the EFCC from prosecuting him.

• Historical Allegations: Adesanya’s career includes past controversies, such as disputes with the Nigerian National Petroleum Corporation (NNPC) and alleged ties to high-profile figures, as revealed in the Pandora Papers.

• Mixed Reputation: While Adesanya has been linked to significant business ventures, his reputation is marred by legal battles, allegations of unethical practices, and reported attempts to influence government officials.

Overview

Leno Adesanya, also known as Laitan Adesanya, is a Nigerian entrepreneur and the CEO of Lutin Investments, based in Geneva, with its Nigerian arm, Lenoil Holdings, established in 1988. Educated in the United States and a former Citibank employee, Adesanya has built a business empire primarily in oil, gas, and power sectors. His companies, including Lutin Investments and Sunrise Power and Transmission Company Limited, have engaged in high-stakes contracts, notably with the Nigerian government. Adesanya’s most prominent venture is his role as the promoter of Sunrise Power, which was awarded a $6 billion contract in 2003 for the Mambilla Hydroelectric Power Station on a build, operate, and transfer basis. He has been a significant figure in Nigeria’s business landscape, with connections to multiple administrations, but his career is overshadowed by legal and ethical controversies. Adesanya currently resides primarily in Dubai and the United States, citing safety concerns after an alleged assassination attempt in Nigeria.

Allegations and Concerns

Adesanya has faced numerous allegations, primarily related to the Mambilla hydropower project and his broader business dealings:

• Fraud and Corruption in Mambilla Project: The EFCC accused Adesanya of conspiracy and offering corrupt payments to public officers, alleging he paid N3.6 million to former Minister of Power and Steel Olu Agunloye in 2019 for approving the Mambilla project without Federal Executive Council (FEC) approval.

• Bribery Allegations: Court documents filed by the Nigerian government claim Adesanya offered money and women to ministers in the Buhari administration, including Suleiman Adamu and Abubakar Malami, to secure favorable outcomes for the Mambilla project.

• Interference with Investigations: Nigeria alleged that Adesanya attempted to obstruct EFCC investigations by contacting witnesses and using his legal team to block probes, actions described as sub-judice and against international commercial law.

• Pandora Papers Involvement: Adesanya’s name appeared in the Pandora Papers, which linked him to a shell company set up for Sambo Dasuki, accused of diverting $2.1 billion meant for arms purchases. He was also implicated in a $1.85 million payment allegedly tied to a $115 million electoral bribery scheme in 2015.

• Historical NNPC Disputes: In the 1990s, Adesanya’s companies faced contract revocations by the NNPC, leading to arbitration in France, where Lutin Investments won $55.2 million in damages. Media rumors suggested ties to then-First Lady Mariam Babangida, which Adesanya has not publicly addressed.

• Conflict with Ministers: Adesanya has publicly criticized ministers like Babatunde Fashola, alleging delays in the Mambilla project, claims the government dismissed as baseless.

Customer Feedback

Direct customer feedback on Adesanya or his companies is sparse, as his primary dealings involve government contracts rather than consumer-facing businesses. However, public sentiment and media reports provide some insight:

• Positive Feedback: Supporters view Adesanya as a visionary entrepreneur striving to improve Nigeria’s power infrastructure. A statement from Sunrise Power emphasized his commitment to sustainable energy, noting meetings with Chinese partners and former President Obasanjo’s initial approval for financial negotiations.

  • Example: Adesanya’s lawyer, M.S. Diri, argued in court that “Adesanya, seeking to ensure sustainable power in Nigeria, proposed constructing the Mambilla Hydroelectric Project through Sunrise as the special purpose vehicle.”

• Negative Feedback: Critics, including government officials and media, portray Adesanya as opportunistic, accusing him of exploiting Nigeria’s legal and political systems. A 2016 article described him as “stewing in a red, hot cauldron” due to repeated controversies, reflecting public distrust.

  • Example: The Nigerian government’s court filing stated, “Adesanya’s stock in trade: he simply finishes one settlement deal with the Nigerian Government and moves on to the next,” suggesting a pattern of manipulative settlements.

• Public Sentiment on X: Posts on X reflect polarized views, with some calling Adesanya a fraudster linked to the Mambilla scam, while others argue he is unfairly targeted for challenging the government.

Risk Considerations

Adesanya’s business activities and public profile present several risks:

• Financial Risks: Sunrise Power’s $2.3 billion arbitration claim against Nigeria could lead to significant financial exposure for Adesanya if the case fails, especially given Nigeria’s counterclaims and refusal to pay a $200 million settlement. His companies may also face liquidity issues, as no funds have been disbursed by the government for the Mambilla project since 2003.

• Reputational Risks: Ongoing allegations of bribery, fraud, and unethical conduct, amplified by the Pandora Papers and EFCC’s actions, severely damage Adesanya’s credibility. Media portrayals, such as a 2016 article calling him a “Victorian knight felled by a medieval ogre,” further erode public trust.

• Legal Risks: Despite a 2024 court ruling barring the EFCC from prosecuting Adesanya, the Court of Appeal stayed this judgment, leaving him vulnerable to renewed investigations. His involvement in arbitration and past legal battles, including a 1993 NNPC case, indicate a pattern of contentious disputes.

• Operational Risks: The Mambilla project’s stagnation, coupled with Adesanya’s strained relations with Nigerian authorities, jeopardizes his ability to execute large-scale projects. Allegations of witness tampering could further complicate business operations.

Business Relations and Associations

Adesanya’s business network includes notable partnerships and associations:

• Sunrise Power and Transmission Company Limited: Adesanya is the promoter and key figure, with Sunrise serving as the special purpose vehicle for the Mambilla project. The company has engaged in arbitration against Nigeria and Sinohydro Consortium.

• Lutin Investments and Lenoil Holdings: Adesanya owns 50% of Lutin Investments, with his wife, Noimot Ibironke, and children holding stakes. Lenoil Holdings has historical ties to NNPC contracts.

• Chinese Partners: Sunrise collaborated with North China Power and China Hydroelectric companies for the Mambilla and Zungeru projects, with meetings held in China involving multiple Nigerian power ministers.

• Political Connections: Adesanya enjoyed favor under Presidents Obasanjo (1999–2007) and Jonathan (2010–2015), but faced challenges under Buhari (2015–2023). He was linked to Diezani Alison-Madueke and Sambo Dasuki in the Pandora Papers.

• Legal Representation: Adesanya is represented by M.S. Diri (SAN) in Nigeria and BA Law for arbitration, with accusations that his legal team coordinated efforts to block EFCC investigations.

Legal and Financial Concerns

Adesanya’s legal and financial history includes significant issues:

• Mambilla Arbitration: Sunrise Power, under Adesanya, initiated arbitration against Nigeria in 2017 at the ICC in Paris, seeking $2.3 billion for breach of the 2003 Mambilla contract. A 2020 settlement for $200 million collapsed due to Nigeria’s non-payment.

• EFCC Charges and Court Rulings: In February 2024, the EFCC declared Adesanya wanted for fraud and corruption. A September 2024 Federal High Court ruling barred the EFCC from prosecuting him, citing the ongoing ICC arbitration, but the Court of Appeal stayed this judgment in November 2024, pending further review.

• Pandora Papers Allegations: Adesanya was implicated in a $1.85 million payment tied to electoral bribery in 2015 and setting up a shell company for Sambo Dasuki, raising concerns about illicit financial flows.

• NNPC Arbitration (1993–2007): Lutin Investments won $55.2 million plus interest against NNPC in a French court, highlighting Adesanya’s history of legal victories but also contentious government relations.

• No Bankruptcy Records: No public records indicate personal or corporate bankruptcy for Adesanya or his companies, though the Mambilla project’s financial limbo poses risks.

Risk Assessment Table

Analytical Summary: Leno Adesanya is a polarizing figure whose entrepreneurial ambition is undeniable but deeply entangled in legal and ethical controversies. His leadership in securing the Mambilla contract reflects strategic acumen and political connections, particularly under the Obasanjo and Jonathan administrations. However, the project’s failure to materialize, coupled with serious allegations of bribery, fraud, and interference, casts doubt on his business practices. The Pandora Papers and EFCC actions further erode his credibility, suggesting a pattern of questionable financial dealings. While Adesanya’s legal victories, such as the 2007 NNPC case and the 2024 EFCC injunction, demonstrate resilience, the Court of Appeal’s stay indicates ongoing vulnerability.

Cautionary Advice: Engaging with Adesanya or his companies requires extreme caution. Potential partners should conduct thorough due diligence, focusing on his legal entanglements and the Mambilla project’s uncertain future. The risk of reputational damage from association is significant, given his high-profile controversies. Investors should await resolution of the ICC arbitration and EFCC investigations before committing resources. Monitoring Nigerian government statements and court developments is critical, as Adesanya’s fortunes are closely tied to political dynamics.