President Bola Tinubu has hailed Nigeria’s victory at the International Chamber of Commerce (ICC) in the billion-dollar case brought against the country by Sunrise Power and Transmission Company Ltd (Sunrise) over alleged breach of hydropower contract.
The company had initially instituted a $2.35 billion lawsuit against the Nigerian government at the Paris-based arbitration, accusing the nation of breaching a 2003 agreement concerning the proposed 3,050-megawatt Mambilla Hydropower Project in Taraba State.
Delivering judgement in the case on Thursday, a three-person panel dismissed Sunrise’s claim that Nigeria breached contractual obligations. The panel also ordered that Sunrise and its promoter Leno Adesanya must reimburse Nigeria $11.8 million in legal fees.
In a statement on Thursday evening, Mr Tinubu welcomed the decision of the ICC, stating the verdict showed that his administration will not succumb to any attempt to exploit the country through frivolous claims.
The president also extended appreciation to the Attorney-General of the Federation Lateef Fagbemi and the government’s defence team, which included Elizabeth Oger-Gross and Tolu Obamuroh for securing the victory.
“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.
“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,” the president said.
“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,” Mr Tinubu stated.
Additionally, the politician recognised the efforts of former President Olusegun Obasanjo, late President Muhammadu Buhari and ex-Lagos State Governor Babatunde Fashola for serving as witnesses in the trial.
Mr Tinubu further stressed that the ICC ruling cleared the single biggest legal hurdle that has paralysed the Mambilla hydro power project for years.
