According to Daily Trust, former Nigerian Presidents Olusegun Obasanjo and Muhammadu Buhari are currently testifying before the International Chamber of Commerce (ICC) in Paris, concerning a $2.3 billion arbitration case filed by Sunrise Power.
The company accuses the Nigerian government of breaching its contract related to the $6 billion Mambilla Hydropower Project, which is intended to build a 3,050 megawatt power plant in Taraba State.
Sources confirmed that both former leaders are present in Paris for the legal proceedings. In response to reports suggesting pressure was applied on prominent Nigerians to testify, a presidential spokesman dismissed these claims, asserting that their participation was voluntary.
The dispute traces back to a 2003 agreement for the Mambilla project, which Sunrise Power claims was not honored by the Nigerian government.
In 2020, a $200 million settlement offer was made, but the company later revised its demand to $400 million in compensation, alleging that the government failed to fulfill its contractual obligations.
Obasanjo, who was president during the initial contract, has raised questions about the legality of the agreement, stating that former Minister Olu Agunloye acted without his approval.
Buhari, who succeeded Obasanjo, denied authorizing the settlement offer and voiced concerns about similar cases that could arise due to the precedent set by this dispute.
SOURCE: Kakiyancy
