Arewa Think Tank Calls for Contract Safeguards After ICC Ruling

The Arewa Think Tank (ATT), led by convener Muhammad Alhaji Yakubu, has urged for enhanced legal and institutional safeguards in managing major government contracts following the dismissal of a $2.35 billion claim against Nigeria by the International Chamber of Commerce (ICC) tribunal. The tribunal, based in Paris, ruled in favor of Nigeria concerning the Mambilla Hydropower Project, rejecting claims from Sunrise Power and Transmission Company Limited.

Additionally, a separate claim of $400 million linked to a 2020 settlement was also dismissed, with the tribunal ordering Sunrise and its promoter, Leno Adesanya, to reimburse Nigeria for 75% of its legal fees, totaling approximately $11.82 million. Yakubu emphasized the significance of the ruling, highlighting the need for rigorous scrutiny of contracts involving public funds to protect Nigeria's resources.

The dispute originated from a 2003 agreement related to the proposed 3,050-megawatt Mambilla project, with arbitration proceedings initiated by Sunrise in 2017.