ICC Tribunal Rejects $3.38bn Claims Against Nigeria Over Mambilla Project
The tribunal also ordered Sunrise and its promoter to refund Nigeria $11.8 million in legal fees after rejecting the company’s claims.
- On Thursday, the International Arbitration Tribunal in Paris ruled in favor of Nigeria, rejecting $3.38 billion in claims from Sunrise Power and Transmission Company Ltd over the Mambila Hydroelectric Power Project.
- The dispute originated from an illegal 2003 contract to build a 3,050-megawatt plant in Taraba State that The Federal Executive Council never authorized, prompting Sunrise to seek compensation for the stalled project.
- Tribunal members ordered Sunrise and its promoter to refund Nigeria $11.8 million in legal fees. President Olusegun Obasanjo and President Muhammadu Buhari testified in Nigeria's defense alongside former Ministers Babatunde Raji Fashola and Suleiman Adamu.
- President Bola Tinubu praised the verdict, stating the Nigerian State will not succumb to "predatory and exploitative claims by corrupt local and international entities." The ruling affirms Nigeria's determination to defend its commonwealth against opportunistic challenges.
- The ruling "clears the single biggest legal hurdle that has paralysed the Mambilla project," Tinubu said. Nigeria remains committed to partnering with genuine investors while honoring its legal obligations, positioning the project for future development.
26 Articles
26 Articles
Nigeria: Mambilla Project - Nigeria Wins $2.35bn Arbitration Battle Against Sunrise Power
Nigeria has won an arbitration dispute against Sunrise Power over the Mambilla hydropower project, with an International Chamber of Commerce (ICC) tribunal in Paris dismissing the company's $2.35 billion claim against the country.
Nigerian Newspapers: 10 things you need to know Friday morning
Good morning! Here is today’s summary from Nigerian newspapers: 1. President Bola Ahmed Tinubu has welcomed the International Chamber of Commerce, ICC, ruling on the $2.35 billion claim brought against Nigeria by Sunrise Power over the Mambilla hydropower project. The tribunal dismissed Sunrise Power’s claims against Nigeria and ordered the company and its promoter, Leno Adesanya, […] Nigerian Newspapers: 10 things you need to know Friday morning
Mambilla project: Nigeria wins $2.35bn arbitration battle against Sunrise Power
Nigeria has won an arbitration dispute against Sunrise Power over the Mambilla hydropower project, with an International Chamber of Commerce (ICC) tribunal in Paris dismissing the company’s $2.35 billion claim against the country.
ICC Tribunal Rejects $3.38bn Claims Against Nigeria Over Mambilla Project
An international arbitration tribunal under the auspices of the International Chamber of Commerce (ICC) in Paris has issued an award in favour of Nigeria, rejecting claims totalling $3.38 billion in arbitration instituted over disputes associated with the development of the Mambilla power project in Taraba State.
Mambilla project: Nigeria wins arbitration case at ICC as Tinubu hails Buhari, Obasanjo
The International Chamber of Commerce tribunal in Paris has ruled in favour of Nigeria in the arbitration brought by Sunrise Power and Transmission Company Limited over the Mambilla Hydroelectric Power Project in Taraba State. President Bola Tinubu, in a statement issued on Thursday by his Special Adviser on Information and Strategy, Bayo Onanuga, said the Read More: https://punchng.com/mambilla-project-nigeria-wins-arbitration-case-at-icc-as-ti…
Coverage Details
Bias Distribution
- 43% of the sources lean Left, 43% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
