President Tinubu Hails ICC Ruling Rejecting $680 Million Claim Against Nigeria for Mambilla Project
President Bola Tinubu announced that an International Chamber of Commerce (ICC) arbitration tribunal in Paris has ruled in favor of Nigeria, rejecting a $680 million claim by Sunrise Power and Transmission Company Ltd. This decision, according to President Tinubu, removes a significant legal obstacle that has hindered the Mambilla Hydroelectric Power Project for years. The dispute originated from a 2003 contract for a 3,050-megawatt hydroelectric plant in Taraba State under a build-operate-transfer arrangement, which the Federal Executive Council had never authorized. Sunrise Power had sought $680 million as a settlement and interest, in addition to another arbitration where it is claiming over $2.7 billion in compensation related to the 3,960-megawatt Mambilla Hydroelectric Power Project. President Tinubu commended the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, and Nigeria’s defense team, led by Elizabeth Oger-Gross and Tolu Obamuroh of Paul Hastings LLP, for their ...