Tag: Mambilla power project

$2.3bn Mambilla Arbitration: Ex-President Buhari set to testify today in Paris

Aminu Imam
Buhari to testify

…As ex-AGF ‘withdraws’ support for Sunrise Former President Muhammadu Buhari is set to testify today, Monday, in the $2.3 billion arbitration case between Nigeria and Sunrise Power over the Mambilla hydro-power project.  The hearings, taking place at the International Chamber of Commerce (ICC) in Paris, follow allegations of contract breaches by the Nigerian government. Social media posts — since denied by the Presidency — had claimed that Buhari already testified on the disputed Mambilla hydropower project, however it was gathered that arbitration hearings will only commence today, Monday. Ex-President Olusegun…

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Alleged $6bn Mambilla power contract fraud: Ex-President Buhari forced to take witness stand in Paris court 

Aminu Imam
Buhari in Paris

Former Nigerian President Muhammadu Buhari has been dragged before a court in Paris, France, where he took the witness stand in an arbitration proceeding over a federal power contract dispute. It wad learnt that Buhari was hauled before the court yesterday for breaching the terms of a power generation and distribution contract awarded to Sunrise Power and Transmission Company of Nigeria, (TCN) by former President Olusegun Obasanjo in 2006.  The $6 billion project has dragged on for over 20 years, and its main anchor, Leno Adesanya, has been a target…

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$6bn Hydro-power project: EFCC declares ex-Power minister ‘wanted’

Aminu Imam

The Economic and Financial Crimes Commission (EFCC) has declared former Minister of Power and Steel Development, Olu Agunloye, as ‘wanted’, in connection with an ongoing investigation into the stalled $6 billion Mambilla Hydro-power Project. The Commission, on its verified Facebook page, urged Nigerians who know the whereabouts of Agunloye to report to the nearest police station, or inform the EFCC. It also gave his last known address as No. 20, Sold Boneh Way, Bodija, Ibadan, Oyo State. It urged anyone with useful information as to his whereabouts to contact its…

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Botched $5.8bn Mambilla Project: Firm waives $500m penalty incurred by Nigeria

Aminu Imam

FG celebrates In an act of rare patriotism, the original awardee of the botched $5.8 billion Mambilla hydro-electric power project, Sunrise Power and Transmission Company Limited (SPTCL), has let Nigeria off the $500 million penalty hook incurred for multiple defaults on a $200 million settlement agreement. Though Nigeria willingly entered into the out-of-court settlement in the course of arbitral proceedings at the International Court of Arbitration in Paris, France, it severally defaulted, resulting in over a half a billion-dollar penalty, which the country also signed up for. The firm also…

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