A political advocacy group, the Tinubu Stakeholders Forum (TSF), has stated that Nigeria’s victory at the International Chamber of Commerce (ICC) arbitration tribunal over the Mambilla Hydropower Project has protected the country from significant financial liabilities and opened up new possibilities for energy sector investments.
In a statement issued by Chairman Ahmad Sajoh and Secretary Danjuma Sada, TSF welcomed the tribunal’s decision in Paris to reject the claims brought by Sunrise Power and Transmission Company. The rulings addressed a $2.35bn (£1.75bn) claim over an alleged breach of contract and a separate $400m (£300m) claim linked to a proposed settlement, eliminating total potential exposures of over $3.38bn (£2.5bn).
TSF noted that the defeat of Sunrise’s multi-billion-dollar claim provides crucial fiscal relief as the Federal Government implements a ₦3.3tn ($2bn) structured plan to settle verified legacy obligations across the power sector.
The group added that clearing the primary legal impediment surrounding Mambilla paves the way for resuming development on the long-delayed hydroelectric facility in Taraba State. Once operational, the expanded power output is expected to support manufacturing, agriculture, mining, and technology across the country.
TSF urged the government to move forward with the next phase of the Mambilla project under transparent procurement protocols and strong contractual safeguards.
Add Comment