Tinubu hails EFCC as Nigeria wins $6bn Mambilla arbitration in Paris

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President Tinubu

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President Bola Tinubu has commended the Economic and Financial Crimes Commission (EFCC) for its role in Nigeria’s victory at the arbitration tribunal.

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The case involves the alleged six billion dollar Mambilla power contract awarded to Sunrise Power and Transmission Company Limited.

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EFCC spokesperson Dele Oyewale disclosed this in a statement on Friday in Abuja.

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Oyewale said EFCC investigations were pivotal to the Federal Government’s victory on September 17.

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According to him, the International Arbitration Tribunal under the International Criminal Court (ICC) in Paris ruled in favour of Nigeria.

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”The tribunal rejected 680 million dollars in damages demanded by Sunrise Power as a settlement.

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”The company is also claiming over 2.7 billion dollars in compensation and interest in another arbitration.

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”The claims relate to disputes over the 3,960 MW Mambilla Hydroelectric Power Project in Taraba.”

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He said that Tinubu celebrated the victory and hailed all those who defended Nigeria’s interest.

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”Tinubu commended former President Olusegun Obasanjo for testifying in the case.

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”He also praised late President Muhammadu Buhari, who testified before his death.”

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He said the case dates back to an illegal 2003 contract for a 3,050 MW hydroelectric plant.

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According to him, the contract was awarded under a build-operate-transfer model without due process.

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”Tinubu said the Federal Executive Council never authorised the controversial contract.

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”He thanked former ministers Babatunde Fashola and Suleiman Adamu for participating actively.

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”He also thanked expert witnesses who helped defend Nigeria’s interest.

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“He specifically lauded the EFCC for investigating the fraudulent contract award.

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“Tinubu said that Nigeria remains committed to partnering with genuine investors and gave assurance that the government would continue to honour its legal obligations to credible partners.

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”The president vowed to defend all opportunistic claims instituted against the nation’s commonwealth.

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“He said the ruling cleared the biggest legal hurdle paralysing the Mambilla project for years,” Oyewale said.

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According to him, the project was awarded on May 22, 2003, by former Power Minister Olu Agunloye.

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”Agunloye awarded it to Sunrise Power on a build, operate and transfer basis, but the EFCC found that the award lacked approval of the Federal Executive Council then chaired by Obasanjo.

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”Investigations showed favouritism as Agunloye and Sunrise owner, Leno Adesanya, are old pals.

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”In August 2019, SPTCL transferred N3.6 million to Agunloye’s Guarantee Trust Bank account,” he said.

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He said the irregularities led to the revocation of the contract by former President Buhari’s government.

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The News Agency of Nigeria (NAN) reports that Agunloye is being prosecuted on a seven-count charge of fraudulent award and corruption.

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He was arraigned on January 10, 2024, before Justice Jude Onwuegbuzie of FCT High Court, Apo. (NAN)

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