Nigeria defeats Sunrise Power in $2.35bn arbitration case

Nigeria successfully concluded a $2.35 billion arbitration battle against Sunrise Power, with the tribunal dismissing all claims made by Sunrise, including a request for $400 million. The three-member tribunal, led by Melaine van Leeuwen, ruled that Sunrise and its promoter, Leno Adesanya, must reimburse Nigeria for 75% of the legal fees incurred, totaling $11,819,506.51.

Of this amount, $2.5 million will be paid from funds held in escrow by the ICC, while the remaining $9,319,506.51 is to be paid by Sunrise and Adesanya with an annual interest of 10%, compounded until full payment. The tribunal also confirmed its jurisdiction over Nigeria's counterclaim against Adesanya and his firm.

The arbitration costs were set at $1,656,500, with Sunrise and Adesanya responsible for 75% of these costs. Nigeria was represented by lawyers from Paul Hastings LLP, including Elizabeth Oger-Gross and Tolu Obamuroh.