President Bola Ahmed Tinubu has expressed appreciation to the Economic and Financial Crimes Commission, EFCC, for its investigation of the alleged fraudulent contract award of $6 billion for the construction of 3,960mw Mambilla Hydroelectric Power Station to Sunrise Power and Transmission Company Limited, SPTCL.
The Commission’s investigations were pivotal to the September 17, 2026 victory of the federal government over the contractor company at the International Arbitration Tribunal.
The President in celebration of the federal government’s victory over SPTCL hailed the Commission for its findings in the irregular contract award.
“On behalf of the Government and People of the Federal Republic of Nigeria, I strongly commend the tremendous efforts of the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi and the entire team at the Federal Ministry of Justice for their efforts in this matter.
“I also commend the FRN defence team, led by Ms Elizabeth Oger-Gross and Mr Tolu Obamuroh, both of Paul Hastings LLP, for their professional and excellent defence of the country.
“I commend the patriotism and support of former President Olusegun Obasanjo, and late President Muhammadu Buhari, who testified in the case, which dated back to an illegal 2003 contract to build a 3,050-megawatt hydroelectric plant in Taraba State under a build-operate-transfer model. The Federal Executive Council never authorised the contract.
“I thank the other witnesses in this case, including former Ministers Babatunde Raji Fashola, SAN, and Suleiman Adamu, and the experts, for their active participation in defending Nigeria’s interest in the arbitration.
“I commend the National Security Adviser for his support and the Economic and Financial Crimes Commission for its investigation into the case.
“I want to assure you that 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”
“Today’s ICC ruling clears the single biggest legal hurdle that has paralysed the Mambilla hydro power project for years” he said.
The International Arbitration Tribunal under the auspices of the International Chamber of Commerce, ICC, Paris, while ruling in favour of the country, rejected the damages of $680 million demanded by SPTCL as a settlement sum and interest in respect of another arbitration in which it is claiming over $2.7 billion in compensation and interest, relating to disputes associated with the construction of the 3960mw Mambila Hydroelectric Power Project in the arbitration instituted by the company against the federal government.
The former minister of power, Olu Agunloye had on May 22, 2003 awarded the project on a Build, Operate and Transfer Basis” to Sunrise Power and Transmission Company Limited, SPTCL.
Investigations by the EFCC established that the former minister awarded the contract without the approval of the National Executive Council, then chaired by former President Olusegun Obasanjo, making such award inconsistent with federal government’s procedure on award of contracts.
Investigations showed that the award was suffused with favouritism as the owner of the company, Leno Adesanya and the former minister are old time pals, who also in August, 2019 caused SPTCL to transfer the sum of N3,600,000.00 (Three Million Six Hundred Thousand Naira) to the former minister’s Guaranty Trust Bank account no.0022530926.
These non-standard developments surrounding the contract led to its revocation by the former President Muhammadu Buhari’s government and the subsequent prosecution of the minister on a seven-count charge, bordering on fraudulent award of contract and official corruption by the Commission.
Agunloye’s prosecution subsists since Wednesday, January 10, 2024.
He was arraigned before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court, Apo, Abuja,
SPTCL dragged the federal government to the International Arbitration Tribunal, seeking monetary compensation for the contract the Tribunal established it never awarded in the first place.