Nigeria has secured a major victory in its long-running arbitration dispute with Sunrise Power and Transmission Company Limited over the Mambilla Hydroelectric Power Project in Taraba State, after an International Chamber of Commerce, ICC, tribunal ruled in favour of the country.
The three-member arbitration panel sitting in Paris, France, on Thursday rejected claims brought by Sunrise Power against the Federal Government and Mr Leno Adesanya.
Sunrise had demanded $680 million as a settlement sum and interest in connection with a separate arbitration in which it is seeking more than $2.7 billion in compensation and interest over disputes surrounding the development of the 3,960-megawatt Mambilla project.
Reacting to the decision, President Bola Tinubu described the outcome as a major victory for Nigeria and commended the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, as well as officials of the Federal Ministry of Justice, for their role in the case.
“Today’s ICC ruling clears the single biggest legal hurdle that has paralysed the Mambilla hydro power project for years,” President Tinubu said.
The President said the outcome reinforced Nigeria’s resolve to resist what he described as “predatory and exploitative claims by corrupt local and international entities and their enablers and funders.”
Tinubu also praised Nigeria’s defence team, led by Elizabeth Oger-Gross and Tolu Obamuroh of Paul Hastings LLP, for their “professional and excellent defence” of the country.
He acknowledged former President Olusegun Obasanjo and the late President Muhammadu Buhari, who testified during the proceedings, alongside former ministers Babatunde Fashola and Suleiman Adamu, as well as other witnesses and experts involved in the case.
According to the President, the dispute can be traced to a 2003 agreement concerning the construction of a 3,050-megawatt hydroelectric plant in Taraba State under a build-operate-transfer arrangement. The State House statement said the Federal Executive Council had not authorised the contract.
Tinubu further commended the National Security Adviser for his support and the Economic and Financial Crimes Commission, EFCC, for its investigation into the matter.
“While our country remains committed to partnering with genuine investors and honouring its legal obligations, it will continue to defend all opportunistic claims instituted against our commonwealth strongly,” he added.
The ICC decision brings a significant development to the prolonged legal dispute surrounding the Mambilla project, which has faced legal and contractual challenges over several years.
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