President Bola Tinubu welcomed the decision of an International Arbitration Tribunal under the International Chamber of Commerce in Paris on Thursday. The tribunal ruled in favour of Nigeria and rejected claims by Sunrise Power and Transmission Company Limited over the Mambilla Hydroelectric Power Project.
The company had demanded about 680 million dollars as a settlement sum and interest. It also pursued a related claim of more than 2.7 billion dollars in compensation and interest linked to the development of the 3,960-megawatt project in Taraba State.
Combined, the claims exposed Nigeria to more than 3.38 billion dollars. The original 2003 contract for the project carried an estimated value of six billion dollars.
Tinubu issued a statement through his Special Adviser on Information and Strategy, Bayo Onanuga. He said the ruling cleared the single biggest legal hurdle that had paralysed the Mambilla hydro power project for years.
He further stated that Nigeria remains committed to partnering with genuine investors and honouring its legal obligations. At the same time, the country will continue to defend all opportunistic claims instituted against its commonwealth.
The President specifically commended the Economic and Financial Crimes Commission for its investigation into the case. He noted that the commission’s work supported the Federal Government’s successful defence.
Tinubu also praised the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and the entire team at the Federal Ministry of Justice. He acknowledged the defence team led by Elizabeth Oger-Gross and Tolu Obamuroh of Paul Hastings LLP for their professional work.
In addition, he hailed former President Olusegun Obasanjo and the late former President Muhammadu Buhari, who testified in the proceedings. He further thanked former ministers Babatunde Fashola and Suleiman Adamu, experts who assisted the defence, and the National Security Adviser for support provided during the case.
The tribunal ordered Sunrise and its promoter to reimburse Nigeria a substantial portion of its legal fees and expenses. The final award removed a long-standing barrier to progress on the power project.
