Mambilla: Tinubu stakeholders hail Nigeria’s $3.38bn arbitration victory
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Mambilla: Tinubu stakeholders hail Nigeria’s $3.38bn arbitration victory
By Alabidun Shuaib AbdulRahman
The Tinubu Stakeholders Forum has described Nigeria’s victory in the International Chamber of Commerce arbitration over the Mambilla Hydropower Project as a significant development for the country’s finances and power sector.
The ICC tribunal rejected claims brought by Sunrise Power against Nigeria, including a $2.35bn claim arising from the longstanding dispute over the project.
The tribunal also rejected a separate $400m claim connected to a proposed settlement, with TSF putting the total potential exposure addressed in the related proceedings at more than $3.38bn.
In a statement signed by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, the forum said the ruling went beyond the courtroom because of its potential implications for Nigeria’s finances and power sector.
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TSF said the decision could help Nigeria avoid a substantial financial liability while also providing for the recovery of legal costs and potentially removing a longstanding legal obstacle to the Mambilla project.
It described the project as one of Nigeria’s major infrastructure and energy opportunities, saying its prolonged legal dispute had constituted an additional challenge to its development.
The forum said the ruling came at a critical period for the Tinubu administration as the Federal Government works to address structural and financial challenges in the electricity sector.
It noted that the government was implementing a plan to settle N3.3tn in verified legacy power-sector obligations.
TSF said the $3.38bn Sunrise claim exceeded the reported $2.3bn legacy power-sector settlement programme, arguing that the rejection of the claim would prevent a potentially significant additional financial burden.
The forum also said successful implementation of the Mambilla project could increase electricity supply and support manufacturing, mining, agriculture, technology and other productive sectors.
It added that increased power generation could create opportunities for businesses, employment and investment.
TSF said the arbitration outcome also demonstrated Nigeria’s willingness to defend its economic interests through established international dispute-resolution mechanisms.
The forum urged the Federal Government to accelerate the next phase of the Mambilla project while maintaining transparency, commercial discipline and strong contractual safeguards.
