Nigeria wins arbitration as Sunrise’s $400 million hydropower claim dismissed

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.

Tags:  

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.