Tinubu reacts as Nigeria wins arbitration against Sunrise Power
Thursday's ICC ruling clears the single biggest legal hurdle that has paralysed the Mambilla hydro power project for years, the statement said. The post Tinubu reacts as Nigeria wins arbitration against Sunrise Power appeared first on Premium Times Nigeria .
President Bola Tinubu hailed Nigeria's victory in a $2.35 billion International Chamber of Commerce (ICC) arbitration ruling against Sunrise Power and Transmission Company Limited over the Mambilla Hydroelectric Power Project. The tribunal dismissed Sunrise's $400 million settlement claim and ordered the firm to reimburse Nigeria $11.8 million in legal fees.
The Mambilla project, a 3,960MW hydroelectric plan in Taraba State, had been stalled for years due to legal challenges. Tinubu emphasized this ruling as the "single biggest legal hurdle" previously blocking the project's execution. The ruling also rejected similar demands from Sunrise's promoter, Leno Adesanya, and the company was ordered to reimburse 75% of the legal expenses.
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