The International Criminal Court (ICC) in Paris, France, has ruled in favour of Nigeria in the $2.35 billion award sought by Sunrise Power over the Mambilla hydropower project.
The court also ordered Sunrise and its promoter to refund Nigeria’s legal fees of $11.8 million.
According to theCable, the court gave the ruling on Thursday.
In the decision issued by the three panellists, the tribunal dismissed Sunrise’s claim for a declaration that Nigeria breached its contractual obligations under the settlement agreement and the addendum.
The tribunal also rejected Sunrise’s claim for an order that Nigeria should pay the company $400 million in satisfaction of the settlement sum of $200 million and the default sum of $200 million.
The panel further declared that Leno Adesanya, the promoter of Sunrise, is bound by the arbitration agreement with Nigeria pursuant to the settlement agreement and the addendum, and that the tribunal has jurisdiction over Nigeria’s counterclaim against him and his firm.
The tribunal ordered Sunrise and Adesanya to reimburse Nigeria 75 percent of the legal fees and expenses incurred in this arbitration.
The legal fees were estimated at $11,819,506.51, out of which $2,500,000 will be covered directly from the amount held in escrow by the ICC that will be released upon notification of the final award.
The tribunal also directed Sunrise and Adesanya to pay Nigeria the remaining $9,319,506.51 plus interest at an annual rate of 10 percent, “compounded annually, from the date of the notification of this Final Award until such amount is paid in full”.
The arbitration cost is to be shared by Sunrise and Adesanya (75 percent) and Nigeria (25 percent).
The cost was fixed at $1,656,500.