Nigeria has secured a major legal victory after the International Chamber of Commerce (ICC) in Paris, France, ruled in its favour in a $2.35 billion arbitration case brought by Sunrise Power over the Mambilla hydropower project.
The tribunal issued the award on Wednesday, Spear News Nigeria reports.
Sunrise Power had dragged Nigeria before the Paris-based court, seeking $2.35 billion in damages over the $5.8 billion Mambilla hydropower project in Taraba State. The company claimed it was awarded the contract to build the plant but that the project was frustrated, forcing it to seek compensation.
The ruling means Nigeria will not be liable for the sum sought by the firm.
Details of the award are still emerging, and it is unclear whether Sunrise Power intends to challenge the decision.
More to follow.
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