President Bola Tinubu has commended the Economic and Financial Crimes Commission (EFCC) for its investigation into the controversial Mambilla power contract after an International Chamber of Commerce (ICC) arbitration tribunal in Paris ruled in Nigeria’s favour.
The tribunal, on September 17, rejected claims brought by Sunrise Power and Transmission Company Limited (SPTCL) over disputes linked to the 3,960-megawatt Mambilla Hydroelectric Power Project in Taraba State.
EFCC spokesperson Dele Oyewale disclosed this in a statement issued on Friday in Abuja, saying the Commission’s investigation was pivotal to the Federal Government’s defence.
Tribunal rejects millions of dollars in claims
According to the statement, Sunrise Power had sought $680 million as a settlement sum and interest, while a separate arbitration involved a claim of more than $2.7 billion in compensation and interest.
The tribunal rejected the claims, with reports putting the combined value of the disputed claims at about $3.38 billion.
The ruling also represents a major development in the long-running dispute surrounding the Mambilla project, which has faced legal and contractual obstacles for years.
Tinubu described the decision as clearing what he called the “single biggest legal hurdle” that had paralysed the project.
Tinubu praises Obasanjo, Buhari and legal team
Tinubu commended former President Olusegun Obasanjo for testifying in the case and also acknowledged the role of late former President Muhammadu Buhari, who also testified before his death.
The President further praised former ministers Babatunde Fashola and Suleiman Adamu, as well as other witnesses and experts who participated in the arbitration.
He also commended Attorney-General of the Federation and Minister of Justice Lateef Fagbemi and the Federal Ministry of Justice team for their role in defending Nigeria.
Tinubu said Nigeria remained committed to working with genuine investors and honouring its legal obligations while defending the country’s interests against claims the government considers opportunistic.
Mambilla contract dates back to 2003
The dispute dates back to a 2003 contract awarded by then Power Minister Olu Agunloye to Sunrise Power on a build-operate-transfer basis for a proposed 3,050MW hydroelectric plant.
According to the EFCC’s account, its investigation found that the contract was awarded without approval from the Federal Executive Council, which was chaired by Obasanjo at the time.
The EFCC also alleged irregularities involving the relationship between Agunloye and Sunrise Power promoter Leno Adesanya, including a ₦3.6 million transfer to an account linked to Agunloye in August 2019.
The contract was subsequently revoked under Buhari’s administration.
Agunloye is currently facing a seven-count charge relating to alleged fraudulent contract award and official corruption. He was arraigned before Justice Jude Onwuegbuzie of the FCT High Court, Apo, on January 10, 2024.
The allegations against Agunloye remain matters before the court and should not be treated as established facts.
