How and Why Sunrise, Leno Lost in Paris
Garba Shehu, There are good reasons why Leno Adesanya and his company, Sunrise Power Transition Company lost their case at the International Chamber of Commerce, ICC, an outcome that sparked
Sunrise Power Transition Company, led by Leno Adesanya, lost a USD 2.35 billion claim at the International Chamber of Commerce (ICC) regarding the Mambila Hydro Electric Power Project in Nigeria. The ICC also rejected a USD 400 million settlement claim, ordering Sunrise and Adesanya to reimburse Nigeria about USD 11.82 million in legal and other expenses.
The tribunal in Paris heard testimony from numerous witnesses, including former Nigerian presidents Olusegun Obasanjo and Muhammadu Buhari, as well as Nigerian ministers such as Engineer Sulaiman Adamu and Babatunde Raji Fashola. Despite the efforts of these witnesses, Sunrise's case ultimately failed due to the failure of their witnesses and the rejection of their demands for payment.
The project was eventually awarded to two Chinese companies, CGGC and CGC, after Sunrise demanded payment of GBP 33 million for costs incurred and USD 1.2 billion for alleged profits.
Written by urgent.news from This Day's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
