Obasanjo To Testify In $2.3 Billion Arbitration Case Against Nigeria

Former President Olusegun Obasanjo will testify today before the International Chamber of Commerce (ICC) in Paris, France, in connection with Sunrise Power’s $2.3 billion arbitration proceedings against Nigeria over an alleged breach of contract.

Naijaonpoint understands that the arbitration case, which has drawn significant attention, involves claims by Sunrise Power and Transmission Company Ltd that the Nigerian government violated contractual agreements.

The case dates back to 2003, when Sunrise Power was awarded a contract by the federal government under Obasanjo’s administration.

However, disputes over the project’s execution and subsequent government actions led to the company filing for arbitration.

On Tuesday, Sunrise Power’s Chairman and CEO, Leno Adesanya, testified before the ICC, presenting his company’s claims against Nigeria.

Obasanjo’s testimony follows his earlier remarks questioning the circumstances surrounding the contract.

In a 2023 interview with TheCable, Obasanjo criticized his former Minister of Power, Olu Agunloye, for awarding the contract to Sunrise without his approval.

The former President said, “When I was president, no minister had the power to approve more than N25 million without express presidential consent. It was impossible for Agunloye to commit my government to a $6 billion project without my permission and I did not give him any permission.

“If a commission of inquiry is set up today to investigate the matter, I am ready to testify. I do not even need to testify because all the records are there. I never approved it.

“When he presented his memo to the federal executive council (on May 21, 2003), I was surprised because he had previously discussed it with me and I had told him to jettison the idea, that I had other ideas on how the power sector would be restructured and funded.

“I told him as much at the council meeting and directed him to step down the memo. I find it surprising that Agunloye is now claiming he acted on behalf of Nigeria. If I knew he issued such a letter to Sunrise, I would have sacked him as minister during my second term. He would not have spent a day longer in office.”