Tinubu Celebrates As Paris Tribunal Rules In Favour Of Nigeria, Clearing Biggest Hurdle Blocking 3,960MW Mambilla Hydropower Project
President Bola Tinubu has commended the Economic and Financial Crimes Commission [EFCC] for its role in Nigeria’s victory at the International Arbitration Tribunal in Paris over the alleged six billion dollar Mambilla power contract.
EFCC spokesperson Dele Oyewale disclosed this in a statement on Friday in Abuja, saying EFCC investigations were pivotal to the Federal Government’s victory on September 17.
According to him, the International Arbitration Tribunal under the International Criminal Court [ICC] in Paris ruled in favour of Nigeria.
“The tribunal rejected 680 million dollars in damages demanded by Sunrise Power as a settlement. The company is also claiming over 2.7 billion dollars in compensation and interest in another arbitration. The claims relate to disputes over the 3,960 MW Mambilla Hydroelectric Power Project in Taraba,” Oyewale said.
He said Tinubu celebrated the victory and hailed all those who defended Nigeria’s interest.
“Tinubu commended former President Olusegun Obasanjo for testifying in the case. He also praised late President Muhammadu Buhari, who testified before his death,” he said.
The President said the case dates back to an illegal 2003 contract for a 3,050 MW hydroelectric plant awarded under a build-operate-transfer model without due process.
“Tinubu said the Federal Executive Council never authorised the controversial contract. He thanked former ministers Babatunde Fashola and Suleiman Adamu for participating actively. He also thanked expert witnesses who helped defend Nigeria’s interest.
“He specifically lauded the EFCC for investigating the fraudulent contract award. Nigeria remains committed to partnering with genuine investors and will continue to honour its legal obligations to credible partners. The President vowed to defend all opportunistic claims instituted against the nation’s commonwealth. He said the ruling cleared the biggest legal hurdle paralysing the Mambilla project for years,” Oyewale said.
According to him, the project was awarded on May 22, 2003, by former Power Minister Olu Agunloye to Sunrise Power and Transmission Company Limited on a build, operate and transfer basis, but the EFCC found that the award lacked approval of the Federal Executive Council then chaired by Obasanjo.
“Investigations showed favouritism as Agunloye and Sunrise owner, Leno Adesanya, are old pals. In August 2019, SPTCL transferred N3.6 million to Agunloye’s Guarantee Trust Bank account,” he said.
He said the irregularities led to the revocation of the contract by former President Buhari’s government.
The News Agency of Nigeria [NAN] reports that Agunloye is being prosecuted on a seven-count charge of fraudulent award and corruption. He was arraigned on January 10, 2024, before Justice Jude Onwuegbuzie of FCT High Court, Apo.
