President Bola Tinubu has expressed his approval of a recent ruling from the International Chamber of Commerce (ICC) arbitration tribunal in Paris, describing it as a significant victory for Nigeria against what he termed “predatory and exploitative claims” from corrupt entities.
The tribunal dismissed the claims brought by Sunrise Power and Transmission Company Ltd, which had sought $680 million while also contesting a 2003 build-operate-transfer contract concerning the 3,960MW Mambilla Hydroelectric Power Project in Taraba State. In its ruling on September 17, 2026, the ICC mandated that Sunrise and its promoter, Leno Adesanya, refund a substantial portion of Nigeria’s legal expenses, totaling approximately $11.82 million.
Tinubu noted that this ruling has removed a significant barrier hindering the long-stalled hydroelectric project, which has faced legal challenges for over two decades. The arbitration tribunal not only rejected Sunrise’s claims of Nigeria breaching an earlier settlement agreement but also determined that the company would need to cover 75% of Nigeria’s legal fees.
In his statement, Tinubu lauded the efforts of the nation’s legal team, including the Attorney-General and Minister of Justice, Prince Lateef Fagbemi. He also acknowledged the contributions of former leaders, including former President Olusegun Obasanjo, who provided testimony during the arbitration.
Tinubu emphasized Nigeria’s commitment to engaging with genuine investors while firmly rejecting opportunistic claims against its interests.
