An International Arbitration Tribunal sitting under the International Chamber of Commerce in Paris has ruled in Nigeria’s favour, dismissing claims brought against the country by Sunrise Power and Transmission Company Ltd, President Bola Tinubu announced on Thursday.
Sunrise had sought $680 million in settlement and interest, tied to a separate arbitration in which the company is pursuing more than $2.7 billion in compensation over disputes linked to the 3,960MW Mambila Hydroelectric Power Project in Taraba State.
Tinubu said the ruling reflects Nigeria’s resolve not to give in to “predatory and exploitative claims by corrupt local and international entities and their enablers and funders.”
He commended Attorney-General and Minister of Justice Prince Lateef Fagbemi and the Federal Ministry of Justice team for their work on the case, as well as the defence team of Elizabeth Oger-Gross and Tolu Obamuroh of Paul Hastings LLP, whom he credited with mounting a “professional and excellent defence.”
The president also praised former President Olusegun Obasanjo and late President Muhammadu Buhari, both of whom testified in the matter, which traced back to a 2003 contract for a 3,050-megawatt hydroelectric plant under a build-operate-transfer arrangement that the Federal Executive Council never authorized.
He thanked former ministers Babatunde Raji Fashola and Suleiman Adamu, along with other witnesses and experts who took part in the defence.
Tinubu further acknowledged the National Security Adviser’s support and the Economic and Financial Crimes Commission’s investigative role in the case.
While reaffirming Nigeria’s commitment to partnering with genuine investors and honoring its legal obligations, he vowed the government would keep contesting opportunistic claims against the country’s resources.
He described the ruling as removing the biggest legal obstacle that has stalled the Mambilla project for years, closing with, “God bless the Federal Republic of Nigeria.”
