President Bola Tinubu has commended the Economic and Financial Crimes Commission, EFCC, for its role in Nigeria’s victory in an international arbitration dispute over the Mambilla Hydroelectric Power Project in Taraba State.

EFCC spokesperson, Dele Oyewale, disclosed this in a statement on Friday in Abuja.

Oyewale said the EFCC’s investigation was pivotal to the Federal Government’s victory after the International Arbitration Tribunal under the International Chamber of Commerce, ICC, in Paris, ruled in favour of Nigeria on September 17.

According to him, the tribunal rejected a $680 million damages claim brought by Sunrise Power and Transmission Company Limited.

The company also has another arbitration claim seeking more than $2.7 billion in compensation and interest over disputes surrounding the 3,960-megawatt Mambilla project.

Oyewale said Tinubu commended those who defended Nigeria’s interests in the case, including former President Olusegun Obasanjo, who testified during the proceedings, and the late former President Muhammadu Buhari.

The President also acknowledged the contributions of former Ministers of Power Babatunde Fashola and Suleiman Adamu, as well as expert witnesses involved in the case.

Tinubu specifically praised the EFCC for investigating what the government described as an irregular contract award.

The dispute dates back to May 22, 2003, when former Power Minister Olu Agunloye awarded a contract for a 3,050MW hydroelectric plant to Sunrise Power under a build-operate-transfer arrangement.

According to the EFCC, the contract did not receive approval from the Federal Executive Council, which was chaired by Obasanjo at the time.

The commission also alleged that Agunloye and Sunrise Power owner, Leno Adesanya, had a longstanding relationship, while its investigation found that Sunrise Power transferred N3.6 million to Agunloye’s Guaranty Trust Bank account in August 2019.

The contract was subsequently revoked under the Buhari administration.

Agunloye is currently facing a seven-count charge bordering on alleged fraudulent contract award and corruption. He was arraigned on January 10, 2024, before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court in Apo.

Tinubu said Nigeria remained committed to working with genuine investors and would continue to honour its legal obligations to credible partners.

He also pledged to defend what he described as opportunistic claims against the country’s resources, adding that the arbitration ruling had removed a major legal obstacle that had stalled the Mambilla project for years.