President Tinubu Celebrates $2.7 Billion Arbitration Victory for Nigeria!

Nigeria has achieved a significant legal victory in an arbitration suit instituted by Sunrise Power and Transmission Company Ltd (Sunrise) before the International Chamber of Commerce (ICC) in Paris, France. The arbitration tribunal ruled in favour of Nigeria, rejecting Sunrise Power's claims for a $2.35 billion award related to the Mambilla hydropower project. Furthermore, the tribunal directed Sunrise and its promoter to refund Nigeria’s legal fees totaling $11.8 million.

A three-member panel of the tribunal, in a decision issued on Thursday, dismissed Sunrise’s claim for a declaration that Nigeria breached its contractual obligations under a settlement agreement and its addendum. The panel also rejected Sunrise’s demand for Nigeria to pay the company $400 million, which comprised a $200 million settlement sum and a $200 million default sum. This ruling marks a pivotal moment for Nigeria in its efforts to defend its national interests against what President Bola Ahmed Tinubu described as predatory and exploitative claims.

President Bola Ahmed Tinubu, in a statement, profusely commended the efforts of key individuals and teams involved in securing this victory. He specifically lauded “the tremendous efforts of the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi and the entire team at the Federal Ministry of Justice for their efforts in this matter.” President Tinubu also extended his appreciation to the Federal Republic of Nigeria (FRN) defence team, led by Ms Elizabeth Oger-Gross and Mr Tolu Obamuroh of Paul Hastings LLP, for their professional and excellent defence of the country.

The President’s statement further highlighted the critical contributions of former presidents. He thanked Chief Olusegun Obasanjo and the late Muhammadu Buhari for their patriotism and support, as they both testified in the case. This specific case dated back to an “illegal 2003 contract” intended to build a 3,050-megawatt hydroelectric plant in Taraba State under a build-operate-transfer model, a contract that the Federal Executive Council had never authorized. Other notable witnesses who actively participated in defending Nigeria’s interest included former Ministers Babatunde Raji Fashola, SAN, and Suleiman Adamu, as well as various experts. President Tinubu also acknowledged the support from the National Security Adviser and the Economic and Financial Crimes Commission for their investigation into the case.

President Tinubu affirmed Nigeria's commitment to partnering with genuine investors and honouring its legal obligations, while unequivocally stating that the country “will continue to defend all opportunistic claims instituted against our commonwealth strongly.” He noted that the ICC ruling, which was issued on September 17, 2026, clears the