Nigeria won’t be soft target for predatory litigation, arbitration – Fagbemi

Nigeria's Attorney-General of the Federation, Mr. Lateef Fagbemi (SAN), has affirmed that the nation will not be an easy target for exploitative litigation and arbitration. This statement came after Nigeria's triumph in a landmark International Arbitration conducted by the International Chamber of Commerce, Paris. The arbitration pertained to the Mambilla Hydroelectric Power Project, a major infrastructure initiative in Nigeria.

In the arbitration, the American company Sunrise Power and Transmission Company Limited, led by Mr. Leno Adesanya, demanded a settlement of $400 million and additional interest.

Fagbemi pointed out that the Mambilla Project had been stalled for over two decades due to Sunrise's persistent legal actions. He explained that the project's financing by the China Ex-Im Bank was contingent upon resolving these disputes, thereby preventing Nigeria from reaping the benefits of its clean, renewable hydroelectric power.

He emphasized that the tribunal found the settlement agreement invalid due to lack of authority and corruption, and ordered Sunrise and Adesanya to bear the majority of Nigeria's legal costs. The tribunal also noted Adesanya's long-standing pattern of bribery and corruption, which extended to the settlement agreement. Fagbemi commended President Bola Tinubu's stance against fraudulent contracts and supported the Nigerian government's defense efforts.