Mambilla: ICC tribunal dismisses Sunrise Power’s $2.35bn claim against Nigeria
The International Chamber of Commerce (ICC) tribunal in Paris has dismissed Sunrise Power’s $2.35 billion claim against the Federal Government over the long-running Mambilla hydropower project dispute.
The tribunal, in its final award issued on Thursday, also ordered Sunrise Power and its promoter, Leno Adesanya, to reimburse Nigeria 75 per cent of the legal fees and expenses incurred in the arbitration.
The amount awarded for Nigeria’s legal costs was $11.819 million, with $2.5 million to be released directly from funds held in escrow by the ICC following notification of the final award.
Sunrise and Adesanya were ordered to pay the remaining $9.319 million to Nigeria, together with interest at an annual rate of 10 per cent, compounded annually from the date of notification of the final award until full payment.
The tribunal dismissed Sunrise’s claim that Nigeria had breached its contractual obligations under a settlement agreement and an addendum between the parties.
It also rejected the company’s request for an order directing Nigeria to pay $400 million, comprising a $200 million settlement sum and a further $200 million default sum.
The three-member panel further ruled that Adesanya was bound by the arbitration agreement with Nigeria under the settlement agreement and addendum.
It also affirmed its jurisdiction over Nigeria’s counterclaim against Adesanya and his firm.
