Mambilla: Leno Adesanya and Sunrise Company's Loss at Paris-based ICC Tribunal
The Paris-based International Criminal Court (ICC) has ruled against Nigerian businessman, Leno Adesanya and his company, Sunrise, in their case regarding the Mambilla project.
Background: The Mambilla Project
- The Mambilla project is a hydroelectric power plant in Nigeria
- Leno Adesanya and Sunrise claimed they were owed $200 million by the Nigerian government for their work on the project
President Buhari's Stand
Despite pressure from some of his aides, President Muhammadu Buhari refused to pay the $200 million demanded by Adesanya and Sunrise.
ICC Tribunal Ruling
The Paris-based ICC tribunal ruled in favor of the Nigerian government, dismissing the claims made by Adesanya and Sunrise.
Leno Adesanya and Sunrise's Loss
The ruling means that Adesanya and Sunrise will not receive the $200 million they sought from the Nigerian government.
Next Steps
It remains to be seen what steps, if any, Adesanya and Sunrise will take following the tribunal's decision. The Nigerian government has stated that it will not pay the disputed amount, and the matter may now proceed to the International Centre for Settlement of Investment Disputes (ICSID) for further resolution.
For now, the ruling serves as a cautionary tale for other businesses and investors, emphasizing the importance of conducting thorough due diligence before entering into contracts with the Nigerian government.
President Buhari's Stand
President Buhari has consistently maintained that the claims made by Adesanya and Sunrise were unfounded.
ICC Tribunal Ruling
The Paris-based International Chamber of Commerce (ICC) tribunal dismissed the claims made by Adesanya and Sunrise, ruling in favor of the Nigerian government.
Future of Adesanya and Sunrise
The future of Adesanya and Sunrise remains uncertain following the tribunal's decision. The Nigerian government has stated that it will not pay the disputed amount, and the matter may now proceed to the International Centre for Settlement of Investment Disputes (ICSID) for further resolution.
The ruling serves as a warning to other businesses and investors, highlighting the significance of conducting thorough due diligence before entering into contracts with the Nigerian government.
President Buhari's Perspective
President Muhammadu Buhari has consistently maintained that the claims made by Adesanya and Sunrise were unfounded.
ICC Tribunal Ruling
The International Chamber of Commerce (ICC) tribunal dismissed the claims made by Adesanya and Sunrise, ruling in favor of the Nigerian government.
Adventures of Adesanya and Sunrise
The future of Adesanya and Sunrise remains unclear following the tribunal's decision. The Nigerian government has affirmed that it will not pay the disputed sum, and the matter may now proceed to the International Centre for Settlement of Investment Disputes (ICSID) for further resolution.
The ruling serves as a cautionary tale for other businesses and investors, emphasizing the importance of conducting thorough due diligence prior to entering into contracts with the Nigerian government.
President Buhari's Perspective
President Muhammadu Buhari has consistently maintained that the claims made by Adesanya and Sunrise were unfounded.
ICC Tribunal Ruling
The International Chamber of Commerce (ICC) tribunal dismissed the claims made by Adesanya and Sunrise, ruling in favor of the Nigerian government.
<small>Source: Premium Times Nigeria — read the original story there.</small>
