An International Arbitration Tribunal under the International Chamber of Commerce, ICC, in Paris has ruled in favour of Nigeria in an arbitration case instituted by Sunrise Power and Transmission Company Limited.
The tribunal issued its award on Thursday, September 17, rejecting the claims brought by Sunrise against the Federal Government of Nigeria.
In a statement, President Bola Tinubu said the company had demanded 680 million dollars as settlement and interest in relation to another arbitration in which it is seeking more than 2.7 billion dollars in compensation and interest over disputes surrounding the development of the 3,960-megawatt Mambilla Hydroelectric Power Project in Taraba State.
President Tinubu commended the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and the Federal Ministry of Justice team for their efforts in defending Nigeria’s interest.
The President also commended Nigeria’s defence team, led by Elizabeth Oger-Gross and Tolu Obamuroh of Paul Hastings LLP, for what he described as a professional defence of the country.
Tinubu acknowledged the support and testimony of former President Olusegun Obasanjo and the late President Muhammadu Buhari, as well as former ministers Babatunde Fashola and Suleiman Adamu, and other witnesses and experts involved in the case.
The President said the dispute 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, which he said was never authorised by the Federal Executive Council.
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Tinubu also commended the National Security Adviser for his support and the Economic and Financial Crimes Commission for its investigation into the matter.
The President said the ICC ruling had cleared what he described as the single biggest legal hurdle that had paralysed the Mambilla hydropower project for years.
He reaffirmed Nigeria’s commitment to genuine investors and its legal obligations, while pledging that the country would continue to strongly defend claims against its commonwealth.
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(Editor: Ada Ononye)
