President Bola Tinubu has said Nigeria’s victory over Sunrise Power at the International Chamber of Commerce (ICC) in Paris, France, shows that the country “will not succumb to the predatory and exploitative claims” of local and international entities.
In a statement he signed, Tinubu said Nigeria would continue to defend its commonwealth against any form of “opportunistic claims”.
Earlier on Thursday, the ICC in Paris ruled in favour of Nigeria in the $2.35 billion award sought by Sunrise Power over the Mambilla hydropower project.
The tribunal dismissed Sunrise’s claim that Nigeria breached its contractual obligations under the settlement agreement and the addendum.
It also directed Sunrise and its promoter to refund Nigeria’s legal fees of $11.8 million.
Reacting to the ruling, Tinubu commended two former Nigerian presidents — Olusegun Obasanjo and the late Muhammadu Buhari — for testifying during the case.
The president also commended Lateef Fagbemi, attorney-general of the federation (AGF) and minister of justice, and the federal ministry of justice for their “tremendous efforts” in the matter.
“This latest decision affirms the Nigerian State’s determination not to succumb to predatory and exploitative claims by corrupt local and international entities and their enablers and funders,” the statement reads.
“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.
“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.
“I commend the patriotism and support of former President Olusegun Obasanjo, GCFR, and late President Muhammadu Buhari, GCFR, who testified in the case, which dated back to an illegal 2003 contract to build a 3,050-megawatt hydroelectric plant in Taraba State under a build-operate-transfer model. The Federal Executive Council never authorised the contract.
“I thank the other witnesses in this case, including former Ministers Babatunde Raji Fashola, SAN, and Suleiman Adamu, and the experts, for their active participation in defending Nigeria’s interest in the arbitration.”
Tinubu said the ICC’s ruling had removed the “single biggest legal hurdle that has paralysed the Mambilla hydropower project for years”.
The arbitration began on October 10, 2017, when Sunrise Power sought a $2.354 billion award for “breach of contract” over a 2003 agreement to construct the 3,050MW plant in Mambilla, Taraba state, on a “build, operate and transfer” basis valued at $6 billion.