President Bola Tinubu has hailed an International Chamber of Commerce (ICC) tribunal judgment rejecting a $680 million claim by Sunrise Power and Transmission Company Ltd. against Nigeria.
Tinubu described the judgment as a major victory for Nigeria and a significant step toward resolving legal obstacles to the Mambilla Hydroelectric Power Project.
The International Arbitration Tribunal, sitting under the auspices of the ICC in Paris, issued the award on Thursday.
The President disclosed this in a statement personally signed by him on Thursday in Abuja.
Sunrise had demanded $680 million as settlement and interest in an arbitration relating to its claim for over $2.7 billion.
The larger claim concerns disputes associated with the development of the 3,960-megawatt Mambilla Hydroelectric Power Project in Taraba.
Tinubu said the judgment affirmed Nigeria’s determination to defend its interests against what he described as predatory and exploitative claims.
“On behalf of the Government and People of the Federal Republic of Nigeria, I strongly commend the tremendous efforts of 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 this matter,” he said.
The President also commended Nigeria’s defence team, led by Ms Elizabeth Oger-Gross and Mr Tolu Obamuroh of Paul Hastings LLP.
“I also commend the FRN defence team, led by Ms Elizabeth Oger-Gross and Mr Tolu Obamuroh, both of Paul Hastings LLP, for their professional and excellent defence of the country,” Tinubu said.
He commended former President Olusegun Obasanjo and late President Muhammadu Buhari for their patriotism and support, noting that both testified in the case.
Tinubu said the dispute dated back to a 2003 contract for a 3,050-megawatt hydroelectric plant in Taraba under a build-operate-transfer model.
He said the contract was not authorised by the Federal Executive Council.
The President also commended former Ministers Babatunde Fashola and Suleiman Adamu, as well as other witnesses and experts.
He acknowledged their contributions toward defending Nigeria’s interests in the arbitration.
Tinubu further commended the National Security Adviser for his support and the Economic and Financial Crimes Commission (EFCC) for its investigation into the case.
The President assured that Nigeria remained committed to partnering genuine investors and honouring its legal obligations.
He, however, said the country would continue to strongly defend opportunistic claims against its commonwealth.
“Today’s ICC ruling clears the single biggest legal hurdle that has paralysed the Mambilla hydro power project for years,” Tinubu said.
