ICC Victory Clears Biggest Legal Hurdle To Mambilla Project – Tinubu

President Bola Tinubu has said Nigeria’s victory in an International Chamber of Commerce (ICC) arbitration has cleared the biggest legal hurdle that had paralysed the Mambilla Hydroelectric Power Project for years.

The President stated this on Thursday while reacting to the decision of an ICC arbitration tribunal in Paris, which ruled in favour of Nigeria in a case instituted by Sunrise Power and Transmission Company Limited.

Sunrise had demanded $680 million as a settlement sum and interest in connection with another arbitration in which it is seeking more than $2.7 billion in compensation and interest over disputes relating to the development of the 3,960-megawatt Mambilla Hydroelectric Power Project in Taraba State.

In a statement issued on Thursday, Tinubu said the latest decision affirmed Nigeria’s determination to defend its interests against what he described as “predatory and exploitative claims” by local and international entities.

“Today’s ICC ruling clears the single biggest legal hurdle that has paralysed the Mambilla hydro power project for years,” the President said.

Tinubu commended the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, and the team at the Federal Ministry of Justice for their role in the arbitration.

He also praised Nigeria’s defence team, led by Elizabeth Oger-Gross and Tolu Obamuroh of Paul Hastings LLP, for what he described as their professional defence of the country.

The President further commended former President Olusegun Obasanjo and the late President Muhammadu Buhari, who testified in the case.

According to Tinubu, the dispute dates back to a 2003 contract to construct a 3,050-megawatt hydroelectric plant in Taraba State under a build-operate-transfer arrangement.

He said the Federal Executive Council had never authorised the contract.

Tinubu also acknowledged the contributions of former Ministers Babatunde Raji Fashola and Suleiman Adamu, as well as other witnesses and experts who participated in the case.

He thanked the National Security Adviser for his support and the Economic and Financial Crimes Commission for its investigation into the matter.

The President said Nigeria remained committed to working with genuine investors and fulfilling its legal obligations, but would continue to defend the country’s commonwealth against claims it considers opportunistic.

“While our country remains committed to partnering with genuine investors and honouring its legal obligations, it will continue to defend all opportunistic claims instituted against our commonwealth strongly,” he said.

The Mambilla Hydroelectric Power Project is designed to generate thousands of megawatts of electricity in Taraba State and has been the subject of prolonged legal and contractual disputes.

Tinubu said the latest arbitration outcome would help remove a major obstacle to the project, as the Federal Government continues its efforts to advance major infrastructure and power projects nationwide.