President Bola Tinubu has lauded a major legal victory for Nigeria after an International Chamber of Commerce, ICC, arbitration panel ruled in favor of Nigeria, dismissing a multi-bilion-dollar claim filed by Sunrise Power and Transmission Company Limited over the Mambilla Hydroelectric Power Project in Taraba State.
The tribunal, sitting in Paris, on Thursday, September 17, rejected claims brought by Sunrise over the project. The ruling comes amid a separate arbitration in which the company is seeking more than $2.7 billion in compensation and interest from the Federal Government.
According to a statement issued by the President, Sunrise had sought $680 million as a settlement sum and interest in connection with the separate arbitration.
Tinubu said the ruling demonstrated the Federal Government’s determination to defend Nigeria against what he described as “predatory and exploitative claims” by local and international entities.
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“On behalf of the Government and People of the Federal Republic of Nigeria, I strongly commend the tremendous efforts of the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, and the entire team at the Federal Ministry of Justice for their efforts in this matter,” Tinubu said.
The President also commended Nigeria’s defence team, led by Oger-Gross and Obamuroh of Paul Hastings LLP, for their role in the arbitration.
“I also commend the FRN defence team, led by Ms Elizabeth Oger-Gross and Mr Tolu Obamuroh, both of Paul Hastings LLP, for their professional and excellent defence of the country,” he said.
Tinubu also praised former President Olusegun Obasanjo and the late President Muhammadu Buhari for testifying in the case.
He said the dispute dates back to a 2003 contract for the construction of a 3,050-megawatt hydroelectric power plant in Taraba State, which later became linked to the proposed 3,960-megawatt Mambilla project.
Western Post
