President Bola Tinubu has commended the Economic and Financial Crimes Commission (EFCC) for its role in Nigeria’s victory in an international arbitration dispute involving the Mambilla Hydroelectric Power Project in Taraba State. The case was brought by Sunrise Power and Transmission Company Limited over disputes surrounding the long-delayed project.

The International Chamber of Commerce (ICC) arbitration tribunal in Paris ruled in favour of Nigeria on September 17, rejecting Sunrise Power’s claims. The company had sought $680 million in one arbitration, while a separate related claim involves more than $2.7 billion in compensation and interest.

EFCC spokesperson, Dele Oyewale, disclosed this in a statement on Friday in Abuja. According to Oyewale, investigations conducted by the EFCC were pivotal to the Federal Government’s defence and eventual victory.

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Tinubu commended the individuals and institutions involved in defending Nigeria’s interests, including former President Olusegun Obasanjo, who testified in the case, and the late former President Muhammadu Buhari, who also testified before his death.

The President also praised former ministers Babatunde Fashola and Suleiman Adamu, as well as the legal and expert witnesses who participated in the proceedings. He specifically commended the EFCC for investigating the controversial contract award, which dates back to 2003.

According to the EFCC, the original contract for a 3,050-megawatt hydroelectric plant was awarded to Sunrise Power by former Power Minister Olu Agunloye under a Build, Operate and Transfer arrangement. The commission said its investigation found that the contract had not received approval from the Federal Executive Council, which was chaired at the time by Obasanjo.

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The EFCC also alleged that the contract award involved favouritism, citing the relationship between Agunloye and Leno Adesanya, the promoter of Sunrise Power. The commission further alleged that N3.6 million was transferred to Agunloye’s Guaranty Trust Bank account by Sunrise Power in August 2019.

The contract was subsequently revoked under the administration of former President Muhammadu Buhari. Agunloye is currently facing a seven-count charge bordering on 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.

Tinubu said the tribunal’s decision had removed what he described as a major legal obstacle that had stalled the Mambilla project for years. He reaffirmed Nigeria’s commitment to working with genuine investors and honouring its legal obligations, while defending the country against claims it considers unfounded.

The President also thanked members of Nigeria’s legal defence team and other witnesses whose contributions helped secure the outcome. The tribunal’s decision has been described by the Federal Government as a significant development in the long-running dispute surrounding the Mambilla Hydroelectric Power Project.