French President Hosts Tinubu For Private Dinner In Paris
French President Emmanuel Macron hosted President Bola Tinubu to a private dinner at the Élysée Palace in Paris on Thursday night.
The dinner, according to the Presidency, underscored the longstanding relationship between Nigeria and France and the commitment of both countries to deepening bilateral cooperation.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this in a brief statement posted on his social media handles on Friday.
Politics Nigeria reports that the meeting came shortly after an International Chamber of Commerce arbitration tribunal sitting in Paris ruled in favour of Nigeria in a $2.35 billion dispute involving Sunrise Power and Transmission Company Limited over the Mambilla Hydroelectric Power Project in Taraba State.
The three-member tribunal, which delivered its final award on Thursday, September 17, dismissed Sunrise Power’s claim that Nigeria breached its contractual obligations under a settlement agreement and an addendum relating to the project.
It also rejected the company’s demand for $400 million, comprising a $200 million settlement sum and a further $200 million default payment.
The tribunal further ruled that Leno Adesanya, promoter of Sunrise Power, was bound by the arbitration agreement with Nigeria and that it had jurisdiction over the Federal Government’s counterclaim against him and his company.
As part of the award, Sunrise Power and Adesanya were ordered to reimburse Nigeria 75 per cent of the legal fees and expenses incurred during the arbitration.
The tribunal put Nigeria’s legal costs at $11.82 million, directing that $2.5 million be deducted from funds held in escrow by the ICC and released after notification of the final award.
It was learnt that the respondents were also ordered to pay the remaining $9.32 million to Nigeria, with the outstanding amount attracting 10 per cent annual compound interest from the date of notification of the award until full payment.
The arbitration costs, fixed at $1.66 million, will similarly be shared, with Sunrise Power and Adesanya bearing 75 per cent and Nigeria 25 per cent.
Reacting to the ruling, Tinubu said the outcome demonstrated the government’s resolve to protect Nigeria’s interests against what he described as “predatory and exploitative claims.”
The President said, “This latest decision affirms the Nigerian State’s determination not to succumb to predatory and exploitative claims by corrupt local and international entities and their enablers and funders.”
Tinubu commended Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, officials of the Federal Ministry of Justice and members of Nigeria’s legal defence team for their roles in the case.
He also acknowledged the contributions of former President Olusegun Obasanjo and the late President Muhammadu Buhari, who testified in the proceedings, alongside former ministers Babatunde Fashola and Suleiman Adamu, other witnesses and experts.
The President further praised the National Security Adviser and the Economic and Financial Crimes Commission for their contributions to the case.
Politics Nigeria understands that the Mambilla dispute dates back to a 2003 agreement for the construction of a 3,050-megawatt hydroelectric power plant in Taraba State under a build-operate-transfer arrangement reportedly valued at about $6 billion.
Sunrise Power commenced arbitration proceedings before the ICC International Court of Arbitration on October 10, 2017, demanding approximately $2.354 billion over an alleged breach of contract connected with the project.
A separate dispute later emerged from a 2020 settlement agreement reportedly reached by the parties to resolve the initial disagreement.
The latest arbitration ruling concerned claims arising from that settlement, while disputes surrounding the wider Mambilla project have persisted for years.
Tinubu said the latest decision had removed what he described as the “single biggest legal hurdle” delaying the Mambilla hydropower project.
He, however, reiterated that Nigeria remained committed to legitimate investors and its contractual and legal obligations.
“While our country remains committed to partnering with genuine investors and honouring its legal obligations, it will continue to defend all opportunistic claims instituted against our commonwealth strongly,” the President said.
