The International Chamber of Commerce tribunal in Paris has ruled in favour of Nigeria in the arbitration brought by Sunrise Power and Transmission Company Limited over the Mambilla Hydroelectric Power Project in Taraba State.President Bola Tinubu, in a statement issued on Thursday by his Special Adviser on Information and Strategy, Bayo Onanuga, said the tribunal rejected the claims by Sunrise.The company had sought $680m from Nigeria as a settlement sum and interest in relation to a separate arbitration in which it is claiming more than $2.7bn in compensation and interest over disputes surrounding the development of the 3,960-megawatt Mambilla project.However, the tribunal, as reported by The Cable, also dismissed Sunrise’s claim for $400m arising from the 2020 settlement agreement, according to the details of the award reported on Thursday.It further ordered Sunrise and its promoter, Leno Adesanya, to reimburse Nigeria 75 per cent of its legal fees and expenses, amounting to $11.82m.The tribunal also reportedly declared that Adesanya was bound by the arbitration agreement with Nigeria under the settlement agreement and its addendum and that it had jurisdiction over Nigeria’s counterclaim against him and his firm.In the statement, Tinubu said the ruling demonstrated the government’s determination to defend the country’s interests.“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,” he said.The President commended the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and officials of the Federal Ministry of Justice for their role in the case.He also commended former President Olusegun Obasanjo and the late former President Muhammadu Buhari, whotestifiedin the arbitration.“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,” the statement read.“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,” Tinubu said.The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. President Bola Tinubu, in a statement issued on Thursday by his Special Adviser on Information and Strategy, Bayo Onanuga, said the tribunal rejected the claims by Sunrise.The company had sought $680m from Nigeria as a settlement sum and interest in relation to a separate arbitration in which it is claiming more than $2.7bn in compensation and interest over disputes surrounding the development of the 3,960-megawatt Mambilla project.However, the tribunal, as reported by The Cable, also dismissed Sunrise’s claim for $400m arising from the 2020 settlement agreement, according to the details of the award reported on Thursday.It further ordered Sunrise and its promoter, Leno Adesanya, to reimburse Nigeria 75 per cent of its legal fees and expenses, amounting to $11.82m.The tribunal also reportedly declared that Adesanya was bound by the arbitration agreement with Nigeria under the settlement agreement and its addendum and that it had jurisdiction over Nigeria’s counterclaim against him and his firm.In the statement, Tinubu said the ruling demonstrated the government’s determination to defend the country’s interests.“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,” he said.The President commended the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and officials of the Federal Ministry of Justice for their role in the case.He also commended former President Olusegun Obasanjo and the late former President Muhammadu Buhari, whotestifiedin the arbitration.“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,” the statement read.“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,” Tinubu said.The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. The company had sought $680m from Nigeria as a settlement sum and interest in relation to a separate arbitration in which it is claiming more than $2.7bn in compensation and interest over disputes surrounding the development of the 3,960-megawatt Mambilla project.However, the tribunal, as reported by The Cable, also dismissed Sunrise’s claim for $400m arising from the 2020 settlement agreement, according to the details of the award reported on Thursday.It further ordered Sunrise and its promoter, Leno Adesanya, to reimburse Nigeria 75 per cent of its legal fees and expenses, amounting to $11.82m.The tribunal also reportedly declared that Adesanya was bound by the arbitration agreement with Nigeria under the settlement agreement and its addendum and that it had jurisdiction over Nigeria’s counterclaim against him and his firm.In the statement, Tinubu said the ruling demonstrated the government’s determination to defend the country’s interests.“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,” he said.The President commended the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and officials of the Federal Ministry of Justice for their role in the case.He also commended former President Olusegun Obasanjo and the late former President Muhammadu Buhari, whotestifiedin the arbitration.“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,” the statement read.“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,” Tinubu said.The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. However, the tribunal, as reported by The Cable, also dismissed Sunrise’s claim for $400m arising from the 2020 settlement agreement, according to the details of the award reported on Thursday.It further ordered Sunrise and its promoter, Leno Adesanya, to reimburse Nigeria 75 per cent of its legal fees and expenses, amounting to $11.82m.The tribunal also reportedly declared that Adesanya was bound by the arbitration agreement with Nigeria under the settlement agreement and its addendum and that it had jurisdiction over Nigeria’s counterclaim against him and his firm.In the statement, Tinubu said the ruling demonstrated the government’s determination to defend the country’s interests.“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,” he said.The President commended the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and officials of the Federal Ministry of Justice for their role in the case.He also commended former President Olusegun Obasanjo and the late former President Muhammadu Buhari, whotestifiedin the arbitration.“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,” the statement read.“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,” Tinubu said.The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. It further ordered Sunrise and its promoter, Leno Adesanya, to reimburse Nigeria 75 per cent of its legal fees and expenses, amounting to $11.82m.The tribunal also reportedly declared that Adesanya was bound by the arbitration agreement with Nigeria under the settlement agreement and its addendum and that it had jurisdiction over Nigeria’s counterclaim against him and his firm.In the statement, Tinubu said the ruling demonstrated the government’s determination to defend the country’s interests.“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,” he said.The President commended the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and officials of the Federal Ministry of Justice for their role in the case.He also commended former President Olusegun Obasanjo and the late former President Muhammadu Buhari, whotestifiedin the arbitration.“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,” the statement read.“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,” Tinubu said.The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. The tribunal also reportedly declared that Adesanya was bound by the arbitration agreement with Nigeria under the settlement agreement and its addendum and that it had jurisdiction over Nigeria’s counterclaim against him and his firm.In the statement, Tinubu said the ruling demonstrated the government’s determination to defend the country’s interests.“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,” he said.The President commended the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and officials of the Federal Ministry of Justice for their role in the case.He also commended former President Olusegun Obasanjo and the late former President Muhammadu Buhari, whotestifiedin the arbitration.“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,” the statement read.“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,” Tinubu said.The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. In the statement, Tinubu said the ruling demonstrated the government’s determination to defend the country’s interests.“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,” he said.The President commended the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and officials of the Federal Ministry of Justice for their role in the case.He also commended former President Olusegun Obasanjo and the late former President Muhammadu Buhari, whotestifiedin the arbitration.“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,” the statement read.“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,” Tinubu said.The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. “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,” he said.The President commended the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and officials of the Federal Ministry of Justice for their role in the case.He also commended former President Olusegun Obasanjo and the late former President Muhammadu Buhari, whotestifiedin the arbitration.“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,” the statement read.“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,” Tinubu said.The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. The President commended the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and officials of the Federal Ministry of Justice for their role in the case.He also commended former President Olusegun Obasanjo and the late former President Muhammadu Buhari, whotestifiedin the arbitration.“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,” the statement read.“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,” Tinubu said.The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. He also commended former President Olusegun Obasanjo and the late former President Muhammadu Buhari, whotestifiedin the arbitration.“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,” the statement read.“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,” Tinubu said.The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. “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,” the statement read.“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,” Tinubu said.The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. “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,” the statement read.“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,” Tinubu said.The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. “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,” the statement read.“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,” Tinubu said.The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. “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,” Tinubu said.The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. “Today’s ICC ruling clears the single biggest legal hurdle that has paralysed the Mambilla hydro power project for years,” Tinubu said.The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. It also rejected the company’s demand for the $400m settlement and default sums.The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment. The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment.