President Bola Tinubu
Audio By Carbonatix
Nigeria has won an international arbitration case after a tribunal dismissed a $400 million claim by Sunrise Power and Transmission over the long-delayed Mambilla hydroelectric project, Attorney-General Lateef Fagbemi said on Tuesday.
The September 17 ruling removes a major legal obstacle to the 3,050-megawatt hydropower project, potentially reviving Nigeria's biggest hydroelectric scheme after nearly two decades of delays.
Jumpstart your morning with the latest legal news delivered straight to your inbox from The Daily Docket newsletter. Sign up here.
- Fagbemi said the International Chamber of Commerce tribunal found that settlement agreements relied on by Sunrise were not binding on Nigeria because the officials who signed them lacked the authority to commit the government without presidential approval.
- He said the tribunal also found the agreements were tainted by corruption and contrary to Nigerian public policy, making them unenforceable.
- Fagbemi said Sunrise was ordered to pay 75% of Nigeria's legal fees and expenses, with 10% interest compounded annually.
- Sunrise did not immediately respond to a request for comment.
- The ruling could clear the way for renewed efforts to advance the project, whose financing from China's Export-Import Bank had been contingent on resolving the dispute.
- Fagbemi added that Sunrise is pursuing a separate arbitration claim against Nigeria worth more than $2.7 billion.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Lekzy DeComic to feature four generations of comedians on upcoming show
1 hour -
Nigeria wins arbitration as Sunrise’s $400 million hydropower claim dismissed
2 hours -
Xhaka under investigation over Covid-19 certificate
2 hours -
FAW chief questions Infantino’s Fifa reform claims
2 hours -
La Liga chief dismisses Real’s ref conspiracy claims
2 hours -
GMA rejects claims its vessel monitoring system is ineffective
2 hours -
I was close to joining Liverpool in 2016 – Mbappe
2 hours -
Ministry of Sports and Recreation holds national validation workshop on National Sports Policy Draft
2 hours -
‘Do you want me to be happy with this poor performance?’ – Bono East Minister fumes over Kintampo market project with less than 1% work done
3 hours -
London screening honours Nkrumah and 103 years of Ghana cinema
3 hours -
Founder’s Day: Is Nkrumah’s glory fading? – Nkrumah’s iconic fountain at Circle runs dry
3 hours -
GHS calls for stronger systems to ensure safe care for NCD patients
3 hours -
Kufuor calls for Africa’s resources and youthful population to be transformed into opportunities
3 hours -
Mahama administration not clamping down on free speech – Shamima Muslim
3 hours -
Ghana TVET Service, UNESCO, KPMG, Microsoft to train 100,000 facilitators in AI
3 hours