The Arewa Think Tank has hailed Nigeria’s victory in the arbitration dispute with Sunrise Power concerning the long-running Mambilla Hydropower Project.
Convener of the group, Muhammad Alhàji Yakubu, described the ruling of the International Chamber of Commerce (ICC) tribunal in Paris, France, dismissing Sunrise Power’s $2.35 billion claim against Nigeria, as a significant legal victory and an important development in protecting the country’s financial interests.
He said the outcome represented a major achievement for Nigeria under the administration of President Bola Tinubu, particularly in the government’s efforts to protect public resources and uphold the country’s interests in major contractual disputes.
In a statement issued in Kaduna on Friday, the Arewa Think Tank said the decision deserved recognition because of its potential implications for Nigeria’s public finances.
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“We warmly congratulate the Federal Republic of Nigeria on the significant victory recorded in the arbitration proceedings instituted by Sunrise Power against Nigeria over the Mambilla Hydropower Project,” Yakubu said.
He added: “The ruling by the International Chamber of Commerce tribunal in Paris, France, dismissing Sunrise Power’s $2.35 billion claim against Nigeria is a significant development and an outcome that deserves to be acknowledged.”
Yakubu said the development should also be viewed in the context of the leadership of President Bola Tinubu, whose administration, he noted, had continued to defend Nigeria’s interests in matters with significant implications for the country’s finances.
The tribunal also rejected Sunrise Power’s claims relating to alleged breaches of contractual obligations and ordered the company and its promoter, Leno Adesanya, to reimburse Nigeria 75 per cent of the legal fees and expenses incurred in the arbitration.
According to the statement, the legal costs amounted to approximately $11.82 million, subject to the terms contained in the final award.
Yakubu said the financial dimension of the ruling was only one aspect of its significance, stressing the broader importance of ensuring that Nigeria’s contractual commitments were subjected to due process and institutional scrutiny.
“This decision is important not merely because of the substantial financial implications involved, but because it underscores the importance of protecting Nigeria’s public resources,” he said.
He further called for greater scrutiny of major government contracts, particularly those with significant financial implications for the country.
“Major contractual commitments involving the country must always be subjected to appropriate legal, administrative and institutional scrutiny,” Yakubu stated.
The tribunal also determined that Adesanya was bound by the relevant arbitration agreement and that it had jurisdiction over Nigeria’s counterclaim against him and his firm.
Former President Olusegun Obasanjo had publicly questioned the authority under which the original 2003 agreement was entered into, while former President Muhammadu Buhari had stated that he did not approve the proposed 2020 settlement agreement with Sunrise Power.