President Bola Tinubu has welcomed an International Chamber of Commerce (ICC) tribunal judgment in Paris that dismissed a $680 million claim brought by Sunrise Power and Transmission Company Ltd against Nigeria.

The ruling marks a critical breakthrough in removing long-standing legal hurdles surrounding the multi-billion-dollar Mambilla Hydroelectric Power Project in Taraba State.

Sunrise had sought $680 million in settlement and interest tied to a broader, separate arbitration where the company is pursuing over $2.7 billion in compensation.

In a personally signed statement issued in Abuja, President Tinubu described the decision as a major victory that underscores Nigeria’s resolve to protect its national interest against exploitative litigation.

“Today’s ICC ruling clears the single biggest legal hurdle that has paralysed the Mambilla hydro power project for years,” Tinubu stated.

The roots of the dispute trace back to an unauthorized 2003 build-operate-transfer contract for a hydroelectric plant in Taraba, which was never approved by the Federal Executive Council.

Tinubu lauded the legal defense team, led by Attorney-General of the Federation Lateef Fagbemi and external counsels Elizabeth Oger-Gross and Tolu Obamuroh of Paul Hastings LLP, for their professional representation.

He also acknowledged the patriotic contributions of former leaders, including former President Olusegun Obasanjo and the late President Muhammadu Buhari, who both testified during the proceedings.

Further appreciation was extended to former ministers Babatunde Fashola and Suleiman Adamu, the National Security Adviser, and the Economic and Financial Crimes Commission (EFCC) for their investigative and supportive roles.

While reiterating Nigeria’s openness to genuine foreign and domestic investors, the President maintained that the administration will aggressively defend the nation’s commonwealth against opportunistic claims.