ICC tribunal rules in Nigeria’s favour, dismisses Sunrise Power’s $2.35bn claim

The International Chamber of Commerce (ICC) in Paris has ruled in favour of Nigeria in a $2.35 billion arbitration claim brought by Sunrise Power over the Mambilla hydropower project, according to TheCable. The tribunal, issued Thursday, dismissed Sunrise’s claims that Nigeria breached its settlement agreement and rejected the company’s demand for $400 million.

Sunrise and its promoter, Leno Adesanya, were ordered to refund Nigeria’s $11.8 million legal fees, paying $9.3 million plus 10 percent annual interest, alongside 75 percent of arbitration costs. The dispute traces back to a 2003 agreement to build the 3,050MW Mambilla plant. Former presidents Olusegun Obasanjo and Muhammadu Buhari have both denied authorising the contract or its 2020 settlement agreement respectively.