Mambilla project: Nigeria wins arbitration case at ICC as Tinubu hails Buhari, Obasanjo
The International Chamber of Commerce tribunal in Paris has ruled in favour of Nigeria in the arbitration brought by Sunrise Power and Transmission Company Limited over the Mambilla Hydroelectric Power Project in Taraba State. President Bola Tinubu, in a statement issued on Thursday by his Special Adviser on Information and Strategy, Bayo Onanuga, said the Read More:…
The International Chamber of Commerce tribunal in Paris has ruled in favor of Nigeria in an arbitration case involving the Mambilla Hydroelectric Power Project in Taraba State. The tribunal dismissed claims by Sunrise Power and Transmission Company Limited for $680 million in compensation, as well as $400 million related to a 2020 settlement agreement.
The ruling also ordered Sunrise and its promoter, Leno Adesanya, to reimburse Nigeria for 75% of its legal fees and expenses, totaling $11.82 million. President Bola Tinubu hailed the decision, stating that it demonstrates the government's commitment to defending Nigeria's interests against predatory and exploitative claims. The President commended former Presidents Olusegun Obasanjo and Muhammadu Buhari, who testified in the arbitration, as well as the Federal Ministry of Justice for their role in the case.
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