<\/p>\n
By Isaac Aregbesola<\/p>\n
Abuja<\/p>\n
President Bola Tinubu has commended the Economic and Financial Crimes Commission (EFCC) for its role in Nigeria\u2019s victory at the arbitration tribunal.<\/p>\n
The case involves the alleged six billion dollars Mambilla power contract awarded to Sunrise Power and Transmission Company Limited.<\/p>\n
EFCC spokesperson, Dele Oyewale disclosed this in a statement on Friday in Abuja.<\/p>\n
Oyewale said EFCC investigations were pivotal to the Federal Government\u2019s victory on September 17.<\/p>\n
According to him, the International Arbitration Tribunal under the International Criminal Court (ICC) in Paris ruled in favour of Nigeria.<\/p>\n
\u201dThe tribunal rejected 680 million dollars damages demanded by Sunrise Power as settlement.<\/p>\n
\u201dThe company is also claiming over 2.7 billion dollars compensation and interest in another arbitration.<\/p>\n
\u201dThe claims relate to disputes over the 3,960mw Mambilla Hydroelectric Power Project in Taraba.\u201d<\/p>\n
He said that Tinubu celebrated the victory and hailed all those who defended Nigeria\u2019s interest.<\/p>\n
\u201dTinubu commended former President Olusegun Obasanjo for testifying in the case.<\/p>\n
\u201dHe also praised late President Muhammadu Buhari who testified before his death.\u201d<\/p>\n
He said the case dated back to an illegal 2003 contract for 3,050mw hydroelectric plant.<\/p>\n
According to him, the contract was awarded under a build-operate-transfer model without due process.<\/p>\n
\u201dTinubu said the Federal Executive Council never authorised the controversial contract.<\/p>\n
\u201dHe thanked former ministers, Babatunde Fashola and Suleiman Adamu for participating actively.<\/p>\n
\u201dHe also thanked expert witnesses who helped defend Nigeria\u2019s interest.<\/p>\n
\u201cHe specifically lauded the EFCC for investigating the fraudulent contract award.<\/p>\n
\u201cTinubu said that Nigeria remains committed to partnering with genuine investors, and gave assurance that government would continue to honour its legal obligations to credible partners.<\/p>\n
\u201dThe president vowed to defend all opportunistic claims instituted against the nation\u2019s commonwealth.<\/p>\n
\u201cHe said the ruling cleared the biggest legal hurdle paralysing Mambilla project for years,\u201d Oyewale said.<\/p>\n
According to him, the project was awarded on May 22, 2003 by former Power Minister Olu Agunloye.<\/p>\n
\u201dAgunloye awarded it to Sunrise Power on Build, Operate and Transfer basis, but EFCC found that the award lacked approval of the Federal Executive Council then chaired by Obasanjo.<\/p>\n
\u201dInvestigations showed favouritism as Agunloye and Sunrise owner, Leno Adesanya, are old pals.<\/p>\n
\u201dIn August 2019, SPTCL transferred N3.6 million to Agunloye\u2019s Guaranty Trust Bank account,\u201d he said.<\/p>\n
He said The irregularities led to revocation of the contract by former President Buhari\u2019s government.<\/p>\n
The News Agency of Nigeria (NAN) reports that Agunloye is being prosecuted on seven-count charge of fraudulent award and corruption.<\/p>\n
He was arraigned on January 10, 2024 before Justice Jude Onwuegbuzie of FCT High Court, Apo.(NAN)<\/p>\n","protected":false},"excerpt":{"rendered":"
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