Nigerian President Bola Tinubu has commended an International Chamber of Commerce (ICC) arbitration tribunal for rejecting a $680 million claim by Sunrise Power and Transmission Company Ltd. against Nigeria.
Tinubu said in a statement issued on Thursday that the ICC tribunal in Paris ruled in favour of Nigeria in the arbitration involving Sunrise and the Federal Government of Nigeria.
He said that Sunrise had demanded $680 million as settlement and interest relating to another arbitration in which it is seeking over $2.7 billion in compensation and interest.
According to him, the claims relate to disputes associated with the development of the 3,960-megawatt Mambila Hydroelectric Power Project in Taraba State in northern Nigeria.
Tinubu said that the ruling affirmed Nigeria’s determination to defend its interests against what he described as predatory and exploitative claims.
He commended the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi and the Federal Ministry of Justice team for their efforts in the case.
The Nigerian President also commended Nigeria’s defence team, led by Elizabeth Oger-Gross and Tolu Obamuroh of Paul Hastings LLP, for their professional defence of the country.
Tinubu acknowledged the support and testimony of former President Olusegun Obasanjo and late President Muhammadu Buhari in the case.
He said that the case 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.
According to him, the Federal Executive Council never authorised the contract.
The President also commended former Ministers Babatunde Fashola and Suleiman Adamu, other witnesses and experts who participated in the arbitration.
He also acknowledged the support of the National Security Adviser and the Economic and Financial Crimes Commission’s investigation into the case.
Tinubu said that Nigeria remained committed to partnering genuine investors and honouring its legal obligations.
He, however, said that the country would continue to strongly defend claims against its commonwealth.
“The ICC ruling clears the single biggest legal hurdle that has paralysed the Mambilla hydro power project for years,” Tinubu added.
GIK/APA