Sunrise Power's USD 2.35B Claim Dismissed in Paris

Leno Adesanya and his company, Sunrise Power Transition Company, lost their case at the International Chamber of Commerce (ICC) concerning a USD 2.35 billion claim related to the Mambila Hydro Electric Power Project. The ICC dismissed the claim and a USD 400 million settlement request, instead ordering Adesanya and Sunrise to reimburse Nigeria approximately USD 11.82 million in legal and other expenses.

The tribunal hearing, attended by key Nigerian figures including Presidents Olusegun Obasanjo and Muhammadu Buhari, revealed significant corruption and deceit from Sunrise. The case involved attempts to extract USD 660 million and an additional USD 2.7 billion from Nigeria through fraudulent claims.

President Bola Ahmed Tinubu urged the defense of the nation against such fraudulent schemes. The Federal Executive Council had previously rejected the Mambila contract proposal in 2003, emphasizing that new power plants should be established through competitive processes.