What ICC ruling has done to Mambilla power project – Tinubu

President Bola Tinubu has described Nigeria’s victory in the arbitration proceedings involving Sunrise Power at the International Chamber of Commerce in Paris as a major breakthrough for the long-delayed Mambilla hydropower project.

The President said the ruling had eliminated what he described as the “single biggest legal hurdle” that had stalled the multibillion-dollar project for several years.

The ICC tribunal, on Thursday, dismissed Sunrise Power’s $2.35 billion claim against Nigeria over an alleged breach of contractual obligations relating to the Mambilla hydropower project.

The tribunal also ordered Sunrise Power and its promoter to reimburse Nigeria $11.8 million in legal costs.

Reacting to the judgment, Tinubu said the outcome demonstrated the Federal Government’s resolve to protect the country’s resources and interests from what he described as exploitative claims.

In a statement issued by the President, he said Nigeria would continue to defend its commonwealth against “opportunistic claims”.

“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.

Tinubu praised Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, as well as officials of the Federal Ministry of Justice, for their role in the arbitration.

“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.”

The arbitration proceedings began on October 10, 2017, after Sunrise Power sought $2.354 billion from Nigeria over an alleged breach of a 2003 agreement for the construction of the 3,050-megawatt Mambilla hydroelectric plant in Taraba State.

The proposed project was to be executed under a build-operate-transfer arrangement and was valued at about $6 billion.

According to the Presidency, the Federal Executive Council had never authorised the 2003 contract.

Tinubu said the latest ICC decision had now removed the principal legal obstacle that had hindered progress on the Mambilla project, potentially clearing the way for further action on the long-standing development.