Former President Olusegun Obasanjo is set to testify today at the International Chamber of Commerce (ICC) in Paris regarding a $2.3 billion arbitration case filed against Nigeria by Sunrise Power. The case centers on allegations of breach of contract related to a 2003 agreement for the construction of a 3,050 megawatt power plant in Mambilla, Taraba State.
Obasanjo’s testimony follows that of Leno Adesanya, Chairman/CEO of Sunrise Power, who appeared before the ICC on Tuesday. In previous statements, Obasanjo has questioned how his former Minister of Power, Olu Agunloye, awarded the contract without his approval, emphasizing that no minister had the authority to commit the government to such a significant project without presidential consent.
Agunloye has countered that the government is not obligated to pay any amount to Sunrise under the original build, operate, and transfer (BOT) agreement, which he claims was to be funded entirely by the company.
Sunrise initiated arbitration proceedings in 2017, seeking compensation for what it describes as a breach of contract. The situation intensified when Sunrise later filed a $400 million claim for compensation after an alleged failure by the government to honor a previous settlement agreement.
