Nigeria wins $680m Mambilla arbitration case against Sunrise Power

Nigeria has won a major arbitration decision in its long-running dispute with Sunrise Power and Transmission Company over the Mambilla hydro power project.

Daily Post and Premium Times reported that an International Chamber of Commerce tribunal in Paris rejected Sunrise Power’s claims against the Nigerian Government and Leno Adesanya.

Sunrise had demanded $680 million as a settlement sum and interest linked to another arbitration where it is seeking more than $2.7 billion in compensation and interest over the 3,960-megawatt Mambilla project.

Premium Times reported that the tribunal also directed Sunrise and its promoter to refund Nigeria’s legal fees of $11.8 million. It rejected the company’s request for Nigeria to pay $400 million, made up of a $200 million settlement sum and a $200 million default sum.

President Bola Tinubu welcomed the ruling and praised Attorney-General Lateef Fagbemi and the Federal Ministry of Justice team. He said the decision removed a major legal obstacle that had held back the power project for years.

The case has drawn in evidence from past administrations. Tinubu also acknowledged former President Olusegun Obasanjo, the late former President Muhammadu Buhari, former ministers Babatunde Fashola and Suleiman Adamu, and other witnesses who participated in Nigeria’s defence.

Sources: Daily Post, Premium Times