President Bola Ahmed Tinubu has hailed the decision of an International Arbitration Tribunal under the auspices of the International Chamber of Commerce (ICC) in Paris, which ruled in favour of Nigeria.
The Arbitration Tribunal rejected claims brought by Sunrise Power and Transmission Company Limited.
The President described the ruling as a significant victory for Nigeria, saying it has only affirmed the country’s determination to resist “predatory and exploitative claims by corrupt local and international entities and their enablers,” but also removed the single biggest legal obstacle that had stalled the Mambilla Hydroelectric Power Project for years.
“Today’s ICC ruling clears the single biggest legal hurdle that has paralysed the Mambilla hydro power project for years.
“This latest decision affirms the Nigerian State’s determination not to succumb to predatory and exploitative claims by corrupt local and international entities and their enablers and funders,” he added.
President Tinubu commended the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, and the entire team at the Federal Ministry of Justice for their efforts in defending Nigeria’s interests in the matter.
He also praised Nigeria’s defence team, led by Elizabeth Oger-Gross and Tolu Obamuroh of Paul Hastings LLP, for “professional and excellent defence of the country.”
The President further acknowledged the patriotism and support of former President Olusegun Obasanjo and the late former President Muhammadu Buhari, who testified in the case.
“I commend the patriotism and support of former President Olusegun Obasanjo, GCFR, and late President Muhammadu Buhari, GCFR, who testified in the case, which dated back to an illegal 2003 contract to build a 3,050-megawatt hydroelectric plant in Taraba State under a build-operate-transfer model. The Federal Executive Council never authorised the contract.”
Sunrise Power had demanded 680 million dollars as a settlement sum and interest in connection with another arbitration in which it is claiming more than 2.7 billion dollars in compensation and interest over disputes associated with the development of the 3,960-megawatt Mambilla Hydroelectric Power Project in Taraba State.
President Tinubu noted the dispute dated back to a 2003 contract for the construction of a 3,050-megawatt hydroelectric plant in Taraba State under a build-operate-transfer model, which the President said was never authorised by the Federal Executive Council.
He also thanked former Ministers Babatunde Raji Fashola and Suleiman Adamu, alongside other witnesses and experts, for their participation in defending Nigeria’s interests in the arbitration.
President Tinubu commended the National Security Adviser for his support and the Economic and Financial Crimes Commission, EFCC, for its investigation into the case.
He assured investors that Nigeria remained committed to partnering with genuine investors and honouring its legal obligations, while stressing that the country would continue to vigorously defend its commonwealth against opportunistic claims.
“I want to assure you that 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.”
