Nigeria wins $2.35bn arbitration battle with Sunrise Power

The International Chamber of Commerce tribunal in Paris, France, has ruled in Nigeria's favor in a $2.35 billion dispute brought by Sunrise Power over the Mambilla hydropower project. The tribunal dismissed Sunrise Power's claims against Nigeria and ordered the company, along with its promoter Leno Adesanya, to reimburse the Nigerian government for 75% of the legal fees and expenses incurred in the arbitration.

The panel rejected Sunrise Power's request for a declaration that Nigeria breached its contractual obligations and dismissed their claim for $400 million. Adesanya, the company's promoter, was also bound by the arbitration agreement with Nigeria. The tribunal awarded Nigeria $11,819,506.51 in legal fees and expenses, with Sunrise and Adesanya to contribute $9,319,506.51, including interest at an annual rate of 10%.