President Bola Tinubu has praised the Economic and Financial Crimes Commission (EFCC) for its role in Nigeria's victory in an international arbitration dispute over the Mambilla Hydroelectric Power Project. The case, brought by Sunrise Power and Transmission Company Limited, was rejected by the International Chamber of Commerce (ICC) arbitration tribunal in Paris on September 17. The tribunal's decision has removed a major obstacle that had stalled the project for years.
The Mambilla Hydroelectric Power Project, located in Taraba State, has been embroiled in disputes surrounding its contract award, which dates back to 2003. The EFCC investigated the contract and found that it had not received approval from the Federal Executive Council, chaired by former President Olusegun Obasanjo at the time. The commission also alleged favouritism in the contract award, citing the relationship between former Power Minister Olu Agunloye and Leno Adesanya, the promoter of Sunrise Power.
The EFCC's investigation revealed that N3.6 million was transferred to Agunloye's Guaranty Trust Bank account by Sunrise Power in August 2019. Agunloye is currently facing a seven-count charge bordering on alleged fraudulent contract award and corruption. He was arraigned on January 10, 2024, before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court in Apo. The contract was subsequently revoked under the administration of former President Muhammadu Buhari.
President Tinubu commended the individuals and institutions involved in defending Nigeria's interests, including former President Olusegun Obasanjo, who testified in the case, and the late former President Muhammadu Buhari, who also testified before his death. The President also praised former ministers Babatunde Fashola and Suleiman Adamu, as well as the legal and expert witnesses who participated in the proceedings.
The ICC arbitration tribunal's decision rejected Sunrise Power's claims, including a $680 million claim in one arbitration and a separate related claim involving more than $2.7 billion in compensation and interest. The Federal Government has described the tribunal's decision as a significant development in the long-running dispute surrounding the Mambilla Hydroelectric Power Project.
President Tinubu reaffirmed Nigeria's commitment to working with genuine investors and honouring its legal obligations, while defending the country against claims it considers unfounded. The President also thanked members of Nigeria's legal defence team and other witnesses whose contributions helped secure the outcome. The EFCC's role in the case was pivotal to the Federal Government's defence and eventual victory.
The Mambilla Hydroelectric Power Project is a 3,050-megawatt hydroelectric plant that was originally awarded to Sunrise Power under a Build, Operate and Transfer arrangement. The project's completion is expected to boost Nigeria's power generation capacity. With the arbitration case resolved, the project can now move forward, and the Federal Government is expected to work with new investors to bring the project to fruition.
Key points
- President Tinubu commends EFCC for its role in Nigeria's victory in Mambilla arbitration case
- ICC arbitration tribunal rejects Sunrise Power's claims, including $680 million and $2.7 billion claims
- Nigeria's victory in arbitration case removes major obstacle to Mambilla Hydroelectric Power Project completion
