Sunrise Power's $2.35bn Claim Against Nigeria Dismissed
Sunrise Power Transition Company, led by Leno Adesanya, lost a $2.35 billion claim against Nigeria concerning the Mambila Hydro Electric Power Project at the International Chamber of Commerce (ICC). The ICC not only dismissed the claim but also rejected a $400 million settlement request, ordering Sunrise and Adesanya to pay Nigeria approximately $11.82 million in legal and other expenses.
The case was defended by notable figures including former Presidents Olusegun Obasanjo and Muhammadu Buhari, and current President Bola Ahmed Tinubu, who emphasized the importance of combating fraudulent claims against the nation. The tribunal hearing took place on January 15, 2025, in Paris, where the defense presented evidence of corruption and deceit by Sunrise.
The Federal Executive Council had previously denied the issuance of the Mambila contract to Sunrise in May 2003, citing the need for a competitive process for establishing new power plants.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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