Mambilla: TSF hails Nigeria’s victory in $2.35bn arbitration
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Mambilla: TSF hails Nigeria’s victory in $2.35bn arbitration
By Alabidun Shuaib AbdulRahman
The Tinubu Stakeholders Forum, TSF has described Nigeria’s victory in the International Chamber of Commerce arbitration over the Mambilla Hydropower Project as a major development for the country’s finances and electricity sector.
The forum said the decision by the ICC tribunal to reject claims brought by Sunrise Power against Nigeria had potentially saved the country from a substantial financial liability.
In a statement signed by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, the group said the tribunal’s rejection of the claims also offered an opportunity for the Federal Government to pursue the long-delayed Mambilla project.
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Sunrise Power had pursued a $2.35bn claim against Nigeria in connection with the disputed project, while a separate $400m claim was also linked to a proposed settlement.
TSF said the significance of the ruling went beyond the courtroom, noting that the Mambilla project remained one of Nigeria’s major infrastructure and energy opportunities.
“For Nigeria’s economy, the decision represents the avoidance of a potentially substantial financial liability, the recovery of legal costs and, potentially, the removal of a long-standing legal obstacle to one of the country’s most ambitious power projects,” the forum said.
It noted that the prolonged legal dispute had constituted an additional obstacle to the development of the project, which it said could contribute significantly to Nigeria’s electricity generation capacity.
The forum said the development came as the Tinubu administration was implementing measures to address longstanding financial and structural challenges in the power sector.
It noted that the Federal Government was currently working on a plan to settle N3.3tn in verified legacy power-sector obligations.
According to TSF, the $3.38bn claims addressed in the arbitration exceeded the reported N2.3tn legacy power-sector settlement programme, describing the rejection of the claims as significant for the government’s fiscal position.
It said, “Eliminating this major liability prevents a massive financial drain, giving the government the necessary fiscal headroom to address inherited obligations and focus on sustainable power sector reforms.”
The forum further stated that successful implementation of the Mambilla project could support manufacturing, mining, agriculture, technology and other productive sectors through increased electricity supply.
It added that the arbitration outcome would also send a signal to international investors about Nigeria’s willingness to defend its economic interests through established international dispute-resolution mechanisms.
TSF urged the Federal Government to build on the development by accelerating the next phase of the Mambilla project while ensuring transparency, commercial discipline and strong contractual safeguards.
