NAIJA NEWS
Former Presidents Olusegun Obasanjo and Muhammadu Buhari have defended Nigeria in a $2.3 billion arbitration case filed by Sunrise Power at the International Chamber of Commerce (ICC) in Paris.
Naija News understands that the dispute revolves around allegations of a breached contract for the Mambilla Hydroelectric Power Project, a proposed 3,050 MW facility.
Sunrise Power claims it was awarded a $6 billion build-operate-transfer contract for the project in 2003 during Obasanjo’s administration. The company is seeking $2.3 billion in compensation for costs incurred on financial and legal consultancy.
During the hearing, which spanned January 18–23, both former leaders maintained there was no valid contract between Nigeria and Sunrise.
Former President Olusegun Obasanjo testified on Wednesday, questioning the purported 2003 agreement.
In a 2023 interview, he had criticized his former Minister of Power, Olu Agunloye, for allegedly awarding the contract against Federal Executive Council (FEC) decisions.
On his part, Muhammadu Buhari testified on Thursday, stating that he did not authorize a 2020 settlement agreement for Sunrise.
A source close to the proceedings told Daily Trust that the testimonies from the former presidents bolstered Nigeria’s case.
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