That Nigeria didn’t have the best of outings at the International Chambers of Commerce Arbitration (ICC) in Paris, on January 20, 2025, is no longer news.
It could be recalled that two former presidents and three former ministers were in Paris for cross-examination, witness-statements adoption and deliberations with reference to the Mambilla Hydro Project dispute between Nigeria and Sunrise Power Transmission Company Ltd (SPTCL).
Those privy to the arbitration argued that the pendulum of the judgment could swing either way. But legal experts and close watchers strongly believe that SPTCL has better chances of winning based on certain key variables that played out at the tribunal’s proceedings and facts which span five democratic presidents.
Dominant to note is that these arbitrations have two faces. Judgment on one of these proceedings is due in September 2025, while the other could delay till next year.
Experts warn against further stalling of this legacy project and the consequences of heavy financial burden in the event Sunrise wins the case. A recent letter written by the Chairman of Sunrise, Mr. Leno Adesanya, to President Bola Ahmed Tinubu, indicated that the company is willing to settle amicably.
While the Mambilla Hydro Project promoter has always expressed very strong desire to see that the project succeeds, he has expressed through his letter to the President the readiness of the company to settle amicably in the best interest of Nigeria.
Some royal fathers and elder-statesmen have been able to convince the promoter to settle as the Local Content EPC, while forgoing any cumbersome compensation considering the nation’s economic challenges and recovery state.
It was reliably gathered that Adesanya has agreed to forfeit all financial compensation and is prepared for settlement so long as the Federal Government reinstates Sunrise as the local content contractor, and pays the statutory 25 per cent to the China Exim Bank as its counterpart funding towards the project.
The Mambilla Hydro Project would give 3,500 MGWs of hydro power, 50,000 jobs, economic spillovers and foreign direct investment when implemented.
