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Obasanjo Offers Testimony as Nigeria Defends Against $2.3 Billion Sunrise Power Arbitration

December 14, 2023










Former President Olusegun Obasanjo has informed the federal government that he is prepared to testify for Nigeria in any forum regarding the disputed $2.3 billion Mambilla power contract involving former Minister of Power and Steel, Olu Agunloye.

Sunrise Power is currently in arbitration with Nigeria at the International Chamber of Commerce (ICC) in Paris, alleging a breach of the $6 billion build, operate, and transfer (BOT) contract awarded by the Obasanjo administration in May 2003. In its defense, the federal government alleges fraud and corruption, echoing the P&ID case where a UK court nullified an $11 billion award against the country for similar reasons.

Sunrise seeks $2.3 billion in compensation, citing significant expenditures on financial and legal consultants before the contract was abandoned. The Economic and Financial Crimes Commission (EFCC) has reportedly uncovered fraud issues and filed charges against suspects.

In a letter to Fagbemi, Obasanjo clarified that he never approved any contract to Sunrise Power during his administration. He emphasized that his directive did not extend to approving contracts for Sunrise Power or any other entity.

Obasanjo assured Fagbemi of his continued commitment to assist the government, expressing a readiness to shed light on the matters if required. He underscored the national interest in resolving the issues of fraud and malfeasance surrounding the contract, resolving to make himself available for testimony in arbitration or any forum deemed necessary.


Credit: Imran Muhammad/X

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