President Bola Ahmed Tinubu has commended the Economic and Financial Crimes Commission (EFCC) for its investigation into the controversial award of the Mambilla Hydroelectric Power Project contract, following Nigeria’s victory in an international arbitration proceeding against Sunrise Power and Transmission Company Limited (SPTCL).

The International Arbitration Tribunal, under the auspices of the International Chamber of Commerce (ICC), Paris, ruled in favour of the Federal Government on September 17, 2026, rejecting claims by SPTCL for monetary compensation linked to the 3,960-megawatt Mambilla project.

The company had sought $680 million in damages, while another related arbitration claim reportedly seeks more than $2.7 billion in compensation and interest.

Tinubu, in a statement issued Friday, credited the EFCC’s investigation with providing findings that were pivotal to the government’s defence in the arbitration.

The President also commended Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, the Federal Ministry of Justice team and Nigeria’s defence lawyers, Elizabeth Oger-Gross and Tolu Obamuroh of Paul Hastings LLP.

He also acknowledged the contributions of former President Olusegun Obasanjo and the late former President Muhammadu Buhari, who testified in the case, as well as former ministers of power Babatunde Fashola and Suleiman Adamu and other witnesses and experts.

Tinubu said the dispute dated back to a 2003 contract for the construction of a hydroelectric plant in Taraba State under a Build-Operate-Transfer arrangement, which he said had not received Federal Executive Council approval.

“I commend the National Security Adviser for his support and the Economic and Financial Crimes Commission for its investigation into the case,” the President said.

He added that Nigeria remained committed to genuine investors and its legal obligations but would continue to defend claims against the country’s resources.

“Today’s ICC ruling clears the single biggest legal hurdle that has paralysed the Mambilla hydro power project for years,” Tinubu said.

The EFCC said its investigation established that former Minister of Power Olu Agunloye awarded the project to SPTCL on May 22, 2003, without the approval of the then National Executive Council chaired by Obasanjo.

According to the Commission, the contract award was therefore inconsistent with established Federal Government procedures.

The EFCC also alleged that the circumstances surrounding the award indicated favouritism, citing the relationship between Agunloye and SPTCL owner Leno Adesanya.
The Commission further said SPTCL transferred N3.6 million to an account belonging to Agunloye in August 2019.

Following the controversy surrounding the contract, the project award was revoked by the Buhari administration, while Agunloye was subsequently prosecuted by the EFCC on seven counts bordering on alleged fraudulent contract award and official corruption.

His trial, which commenced with his arraignment before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court, Apo, Abuja, on January 10, 2024, is still ongoing.

The EFCC said SPTCL subsequently instituted arbitration proceedings against the Federal Government, seeking compensation over a contract which the tribunal has now ruled was not validly awarded by the government.