Caezer

ICC CASE: AB SUNRISE POWER AND TRANSMISSION COMPANY LIMITED (SUNRISE) V. FEDERAL GOVERNMENT OF NIGERIA (NIGERIA) V. MR. LENO ADESANYA An International Arbitration Tribunal under the auspices of the International Chamber of Commerce (ICC) in Paris, today, September 17, 2026, issued an award in favour of our country, rejecting the claims in the arbitration instituted by Sunrise Power and Transmission Company Ltd (Sunrise). The company had made a claim against the Federal Republic of Nigeria, demanding $680 million as a settlement sum and interest in respect of another arbitration in which it is claiming over $2.7 billion in compensation and interest relating to disputes associated with the development of the 3960mw Mambila Hydroelectric Power Project, located in Taraba State. This latest decision affirms the Nigerian State's determination not to succumb to predatory and exploitative claims by corrupt local and international entities and their enablers and funders. On behalf of the Government and People of the Federal Republic of Nigeria, I strongly commend the tremendous efforts of the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi and the entire team at the Federal Ministry of Justice for their efforts in this matter. I also commend the FRN defence team, led by Ms Elizabeth Oger-Gross and Mr Tolu Obamuroh, both of Paul Hastings LLP, for their professional and excellent defence of the country. I commend the patriotism and support of former President Olusegun Obasanjo, GCFR, and late President Muhammadu Buhari, GCFR, who testified in the case, which dated back to an illegal 2003 contract to build a 3,050-megawatt hydroelectric plant in Taraba State under a build-operate-transfer model. The Federal Executive Council never authorised the contract. I thank the other witnesses in this case, including former Ministers Babatunde Raji Fashola, SAN, and Suleiman Adamu, and the experts, for their active participation in defending Nigeria's interest in the arbitration. I commend the National Security Adviser for his support and the Economic and Financial Crimes Commission @officialEFCC for its investigation into the case. I want to assure you that while our country remains committed to partnering with genuine investors and honouring its legal obligations, it will continue to defend all opportunistic claims instituted against our commonwealth strongly. Today's ICC ruling clears the single biggest legal hurdle that has paralysed the Mambilla hydro power project for years. God bless the Federal Republic of Nigeria. PRESIDENT BOLA AHMED TINUBU, September 17, 2026