News
Nigeria Defeats Sunrise Power’s $2.35bn Mambilla Claim at ICC
By Lateepha Eniola, Assistant Editor
Nigeria has won its arbitration case at the International Chamber of Commerce in Paris, defeating Sunrise Power’s $2.35 billion claim tied to the Mambilla hydropower project
The court also ordered Sunrise and its promoter to refund Nigeria’s legal fees of $11.8 million.
According findings revealed that the tribunal gave the ruling on Thursday.
In the decision issued by the three panellists, the tribunal dismissed Sunrise’s claim for a declaration that Nigeria breached its contractual obligations under the settlement agreement and the addendum.
The tribunal also rejected Sunrise’s claim for an order that Nigeria should pay the company $400 million in satisfaction of the settlement sum of $200 million and the default sum of $200 million.
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