Tinubu hails ICC tribunal verdict rejecting $680m Sunrise Power claim against Nigeria

An International Chamber of Commerce (ICC) arbitration tribunal in Paris has ruled in favour of Nigeria in a case involving Sunrise Power and Transmission Company Limited over the Mambilla Hydroelectric Power Project in Taraba State.

President Bola Tinubu, in a statement issued on Thursday, said the tribunal rejected claims brought by Sunrise against the Federal Government.

Sunrise had demanded $680 million in settlement and interest in connection with a separate arbitration in which it is seeking more than $2.7 billion in compensation and interest over disputes surrounding the development of the 3,960-megawatt Mambilla hydroelectric project.

Tinubu described the ruling as a significant victory for Nigeria, saying it demonstrated the government’s resolve to defend the country against what he described as “predatory and exploitative claims.”

The President commended Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and officials of the Federal Ministry of Justice for their role in the case.

He also praised Nigeria’s defence team, led by Elizabeth Oger-Gross and Tolu Obamuroh of Paul Hastings LLP, for their handling of the arbitration.

Tinubu acknowledged the contributions of former President Olusegun Obasanjo and the late former President Muhammadu Buhari, who testified in the case.

According to the President, the dispute dates back to a 2003 contract for the construction of a 3,050-megawatt hydroelectric plant in Taraba State under a build-operate-transfer arrangement.

He said the contract was never authorised by the Federal Executive Council.

The President also commended former ministers Babatunde Fashola and Suleiman Adamu, as well as other witnesses and experts who participated in the case.

Tinubu further acknowledged the support of the National Security Adviser and the Economic and Financial Crimes Commission, which he said investigated the matter.

He said the ruling removed “the single biggest legal hurdle” that had stalled the Mambilla hydropower project for years.

While reaffirming Nigeria’s commitment to genuine investors and its legal obligations, Tinubu said the government would continue to defend the country’s interests against claims it considers detrimental to the national commonwealth.