President Bola Tinubu praised the Economic and Financial Crimes Commission (EFCC) for Nigeria’s success in a $6bn arbitration case in Paris. The ruling, delivered by the International Chamber of Commerce (ICC) tribunal, dismissed claims by Sunrise Power and Transmission Company Limited over the Mambilla Hydropower Project. The decision marks a significant win for Nigeria’s efforts to resolve long-standing disputes over the project.
The Arewa Think Tank, a group representing northern Nigerian interests, also commended the government for the victory. The tribunal in Paris ruled against Sunrise Power’s $2.35 billion claim, reinforcing Nigeria’s position in the ongoing legal battle. The outcome is seen as a major step in securing the country’s energy resources and ensuring transparency in major infrastructure projects.
In separate developments, Tinubu met with Vincent Bolloré of the Bolloré Group in Paris to discuss expanded investment in Nigeria’s creative and digital economy. The talks focused on boosting economic growth and job creation, particularly for young Nigerians. These meetings highlight Tinubu’s strategy to attract foreign investment while addressing domestic economic challenges.
The arbitration ruling and diplomatic engagements in Paris underscore Nigeria’s growing focus on legal and economic diplomacy to protect national interests and promote development.
