Henzodaily.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering Nigeria’s politics, elections, governance, and legal matters.
FCT, Abuja – Former President Muhammadu Buhari on Friday evening, January 24, returned to Nigeria after taking the stand in the $2.3 billion arbitration proceedings filed against Nigeria by Sunrise Power at the International Chamber of Commerce (ICC), Paris, France.
Henzodaily.ng reports that the arbitration was over an alleged breach of contract by the federal government of Nigeria.
Buhari attended the arbitration hearings recently.
The ex-Nigerian leader’s key supporter, Bashir Ahmad, gave the update via his verified X (formerly Twitter) account, with an accompanying video.
He wrote:
“Former President Muhammadu Buhari has returned to Nigeria after defending the country before the International Chamber of Commerce (ICC) in Paris in connection with the $2.3 billion arbitration case filed by Sunrise Power.”
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President Olusegun Obasanjo was also in France to give his testimony.
Controversial Mambilla project
Sunrise had, on October 10, 2017, started arbitration against Nigeria at the ICC International Court of Arbitration, Paris, France, seeking a $2.354 billion award for “breach of contract” in relation to a 2003 agreement to construct the 3,050MW plant in Mambilla, Taraba state, on a “build, operate and transfer” basis valued at $6 billion.
In the second arbitration, the company is asking for a $400 million settlement being the terms of the Nigerian government failing to honour the settlement agreement both parties entered into in 2020 to end the arbitration.
In a 2023 interview, Obasanjo (president of Nigeria in 2003) challenged his former minister of power, Olu Agunloye, to tell Nigerians where he derived the authority to award the contract to Sunrise in 2003.
On his part, Buhari denied authorising the settlement agreement of 2020.
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Mambilla: EFCC releases ex-minister Agunloye
Earlier, Henzodaily.ng reported that the Economic and Financial Crimes Commission (EFCC) granted bail to former minister of power and steel, Olu Agunloye.
Agunloye was released after a week in detention. EFCC spokesperson, Dele Oyewale, confirmed Agunloye’s release.
Agunloye served as a minister during President Olusegun Obasanjo’s tenure (1999–2003) and was connected to the controversial Mambilla project.
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Source: Henzodaily.ng