Tinubu Hails EFCC As Nigeria Wins $6bn Mambilla Arbitration

President Bola Tinubu has praised the Economic and Financial Crimes Commission (EFCC) for its role in Nigeria’s victory in the arbitration dispute involving the Mambilla Hydroelectric Power Project in Taraba State.

The dispute centres on claims by Sunrise Power and Transmission Company Limited (SPTCL) over the 3,960-megawatt Mambilla project. The company had sought $680 million in damages in one of the arbitration proceedings and has another claim involving more than $2.7 billion in compensation and interest.

EFCC spokesperson Dele Oyewale disclosed the development in a statement issued on Friday in Abuja, saying investigations conducted by the commission played an important role in Nigeria’s defence before the arbitration tribunal.

According to the statement, the International Arbitration Tribunal under the International Criminal Court in Paris ruled in favour of Nigeria on September 17, rejecting the $680 million damages claim brought by Sunrise Power.

The presidency described the ruling as an important development in the long-running dispute surrounding the Mambilla project, which has faced legal challenges for years.

Tinubu also acknowledged the contributions of former President Olusegun Obasanjo and the late former President Muhammadu Buhari, both of whom testified in the proceedings at different stages.

The President also recognised the roles played by former ministers Babatunde Fashola and Suleiman Adamu, as well as expert witnesses who participated in Nigeria’s defence.

The dispute dates back to May 22, 2003, when former Power Minister Olu Agunloye awarded a contract for a 3,050MW hydroelectric power project to Sunrise Power under a build-operate-transfer arrangement.

The EFCC said its investigation found that the contract had not received approval from the Federal Executive Council, which was headed by Obasanjo at the time.

The commission also alleged that there were improper connections between Agunloye and Sunrise Power owner Leno Adesanya, describing them as longstanding associates.

The EFCC further stated that SPTCL transferred N3.6 million into Agunloye’s Guaranty Trust Bank account in August 2019, citing the transaction as part of the issues investigated in connection with the contract.

The controversy surrounding the contract eventually contributed to its revocation under the administration of Buhari.

Agunloye is currently facing prosecution over a seven-count charge involving alleged fraudulent contract award and corruption. He was arraigned on January 10, 2024, before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court in Apo.

The federal government said the arbitration decision removes a major legal obstacle that had affected progress on the Mambilla project. Tinubu also reaffirmed the government’s intention to work with genuine investors while meeting its obligations to credible business partners.

The President further pledged to defend Nigeria against claims he considers opportunistic and protect the country’s public resources.