On Thursday, an International Arbitration Tribunal under the auspices of the International Chamber of Commerce (ICC) in Paris issued an award in favour of Nigeria, rejecting the claims in the arbitration instituted by Sunrise Power and Transmission Company Ltd (Sunrise).
The company had made a claim against the Federal Republic of Nigeria, demanding $680 million as a settlement sum and interest in respect of another arbitration in which it is claiming over $2.7 billion in compensation and interest.
|
|
The claim relates to disputes associated with the development of the 3,960 MW Mambila Hydroelectric Power Project in Taraba State.
The tribunal, in its verdict on Thursday, directed Sunrise and its promoter to refund Nigeria’s legal fees of $11.8 million.
|
|
|
|---|
It also rejected Sunrise’s claim for an order that Nigeria should pay the company $400 million in satisfaction of the settlement sum of $200 million and the default sum of $200 million.
The tribunal insisted that Leno Adesanya, the promoter of Sunrise, is bound by the arbitration agreement with Nigeria pursuant to the settlement agreement, adding that the tribunal has jurisdiction over Nigeria’s counterclaim against him and his firm.
Tinubu speaks
In his reaction Thursday evening, President Bola Tinubu said the 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.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
“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,” the president said in a statement signed by presidential spokesperson, Bayo Onanuga.
“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.
“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.”
READ ALSO: Shettima clarifies remarks on northern governors’ support for President Tinubu in 2023
Mr Tinubu also thanked the other witnesses in the case, including former Ministers Babatunde Raji Fashola, SAN, and Suleiman Adamu, as well as the experts, for their active participation in defending Nigeria’s interests in the arbitration.
“I commend the National Security Adviser for his support and the Economic and Financial Crimes Commission for its investigation into the case.
“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,” he said.
Thursday’s ICC ruling clears the single biggest legal hurdle that has paralysed the Mambilla hydro power project for years, the statement said.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
