The dispute over the Mambila power project would be settled soon as the Federal Government has agreed to pay $200 million to Sunrise Power and Transmission Company Limited (SPTCL) as settlement
The deal was signed on January 21, 2020, by Minster of Power, Sale Mamman, and Attorney-General of the Federation, Abubakar Malami.
The 3,050-megawatt (Mw) facility, the second largest hydropower plant in Africa if completed, has suffered severe delays since construction began almost 40 years ago.
In 2017, Sunrise Power, which claimed to have been awarded the build, operate and transfer (BoT) contract in 2003, dragged the Federal Government and its Chinese partners before the International Chamber of Commerce (ICC) in Paris, France, over alleged breach of contract.
It sought compensation of $900 million from the government and its partners.
But the parties reached an arbitration settlement with Malami and Mamman signing on behalf of the federal government, Leno Adesanya signing as chairman and Chief Executive Officer of Sunrise, while Mr Peng Sheyin and Song Yuan signed on behalf of Sinohydro Corporation Ltd.