Tinubu hails EFCC after Nigeria wins Mambilla case
President Bola Ahmed Tinubu has commended the Economic and Financial Crimes Commission for its investigation into the controversial Mambilla power contract after an International Chamber of Commerce tribunal ruled in Nigeria’s favour in the long-running arbitration dispute.
The ICC tribunal in Paris on Thursday rejected claims by Sunrise Power and Transmission Company Limited over the Mambilla Hydroelectric Power Project, involving potential claims of more than $3.38 billion.
*Tinubu
Nkereuwem Effiong
President Bola Ahmed Tinubu has commended the Economic and Financial Crimes Commission for its investigation into the controversial Mambilla power contract after an International Chamber of Commerce tribunal ruled in Nigeria’s favour in the long-running arbitration dispute.
The ICC tribunal in Paris on Thursday rejected claims by Sunrise Power and Transmission Company Limited over the Mambilla Hydroelectric Power Project, involving potential claims of more than $3.38 billion.
Tinubu, in a statement issued after the ruling, praised the EFCC for its investigation, alongside the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, the Federal Ministry of Justice and Nigeria’s international defence team.
The President also commended former President Olusegun Obasanjo and the late former President Muhammadu Buhari, who testified in the case, as well as former Ministers Babatunde Fashola and Suleiman Adamu and other witnesses and experts.
The dispute dates back to a 2003 agreement concerning a proposed 3,050-megawatt hydroelectric plant in Taraba State under a build-operate-transfer arrangement. Tinubu said the Federal Executive Council did not authorise the contract.
The original project was valued at about $6 billion and was awarded in May 2003 to Sunrise Power and Transmission Company Limited by the then Minister of Power, Olu Agunloye.
The EFCC subsequently investigated the circumstances surrounding the award, alleging that the contract was issued without the required approval of the Federal Executive Council.
The commission also investigated alleged financial dealings involving Agunloye and Leno Adesanya, the promoter of Sunrise Power, in connection with the contract.
Agunloye was later prosecuted by the EFCC over allegations relating to the award of the contract. His prosecution is separate from the international arbitration proceedings.
Sunrise subsequently commenced arbitration proceedings against Nigeria, seeking compensation over disputes arising from the Mambilla project.
A separate claim involved $680 million in settlement and interest, while another arbitration involved more than $2.7 billion in compensation and interest.
The ICC tribunal rejected the claims, delivering an award in favour of Nigeria. Reports on the award also state that Sunrise Power and its promoter, Leno Adesanya, were ordered to reimburse Nigeria for a substantial portion of its legal costs.
Reacting to the decision, Tinubu said the ruling removed a major legal obstacle that had delayed the Mambilla project for years.
“Today’s ICC ruling clears the single biggest legal hurdle that has paralysed the Mambilla hydro power project for years,” the President said.
Tinubu said Nigeria remained committed to working with genuine investors and honouring its legal obligations, while defending the country’s interests in claims against its assets.
The latest arbitration ruling does not, however, mark the end of all legal issues surrounding the project.
Sunrise Power promoter Leno Adesanya said on Friday that his legal team was reviewing the tribunal’s decision and would determine the company’s next legal steps.
