An International Chamber of Commerce (ICC) arbitration tribunal in Paris has ruled in favour of Nigeria in a dispute involving Sunrise Power and Transmission Company Limited over claims connected to the long-delayed Mambilla Hydroelectric Power Project in Taraba State.
President Bola Ahmed Tinubu, in a statement issued on Thursday, said the tribunal rejected claims brought by Sunrise against the Federal Republic of Nigeria.
According to the State House, Sunrise had demanded $680 million, plus interest, as a settlement sum in connection with a separate arbitration in which the company is seeking more than $2.7 billion in compensation and interest over disputes surrounding the development of the 3,960-megawatt Mambilla Hydroelectric Power Project.
Tinubu described the ruling as a major victory for Nigeria, saying it demonstrated the government’s determination to defend the country’s interests against what he described as “predatory and exploitative claims.”
The President commended Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and officials of the Federal Ministry of Justice for their handling of the case.
He also praised Nigeria’s defence team, led by Elizabeth Oger-Gross and Tolu Obamuroh of Paul Hastings LLP, for what he called their “professional and excellent defence” of the country.
The case, according to the presidential statement, dates back to a 2003 contract for the construction of a 3,050-megawatt hydroelectric plant in Taraba State under a build-operate-transfer arrangement.
Tinubu said the Federal Executive Council had never authorised the contract.
Former President Olusegun Obasanjo and the late President Muhammadu Buhari were also commended for testifying in the proceedings.
Tinubu similarly acknowledged former ministers Babatunde Fashola and Suleiman Adamu, as well as other witnesses and experts who participated in Nigeria’s defence.
The President also thanked the National Security Adviser for his support and the Economic and Financial Crimes Commission for its investigation into the matter.
The Mambilla project has remained stalled for years amid contractual and legal disputes.
Tinubu said Thursday’s ICC decision had removed “the single biggest legal hurdle” that had paralysed the project, while reaffirming Nigeria’s commitment to working with genuine investors and meeting its legal obligations.
He added that the Federal Government would continue to defend the country’s interests against claims it considers opportunistic.
“God bless the Federal Republic of Nigeria,” the President said.
(vitalnewsngr.com)
