.jpeg)
By Stella Odueme
The Tinubu Stakeholders Forum (TSF) has described Nigeria’s victory in the International Chamber of Commerce (ICC) arbitration over the Mambilla Hydropower Project as a major boost to the country’s finances and power sector, with wider implications for economic growth.
In a statement signed by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, the Forum said the tribunal’s rejection of claims by Sunrise Power had shielded Nigeria from potentially significant financial liabilities arising from the long-running dispute.
The ICC tribunal rejected Sunrise Power’s $2.35 billion claim against Nigeria, as well as a separate $400 million claim connected to a proposed settlement. TSF said the decisions addressed potential claims amounting to more than $3.38 billion in related proceedings.
According to the Forum, the outcome goes beyond the immediate financial implications, as it could help remove a longstanding legal hurdle surrounding the Mambilla Hydropower Project.
“For Nigeria’s economy, the decision represents the avoidance of a potentially substantial financial liability, the recovery of legal costs and, potentially, the removal of a long-standing legal obstacle to one of the country’s most ambitious power projects,” TSF said.
The Forum noted that Mambilla remains one of Nigeria’s major infrastructure and energy opportunities, adding that its prolonged legal dispute had contributed to delays around a project with the potential to significantly expand electricity generation.
TSF said the arbitration outcome was particularly significant against the backdrop of the Federal Government’s efforts to address structural challenges in the electricity sector, including plans to settle about ₦3.3 trillion in verified legacy power-sector obligations.
It further noted that the $3.38 billion Sunrise claims exceeded the government’s reported $2.3 billion legacy power-sector settlement programme.
“Eliminating this major liability prevents a massive financial drain, giving the government the necessary fiscal headroom to address inherited obligations and focus on sustainable power sector reforms,” the Forum said.
TSF added that completing the Mambilla project could have wider economic effects by increasing electricity supply to productive sectors such as manufacturing, mining, agriculture and technology.
It said improved power availability could also stimulate investment, support the expansion of businesses and create employment opportunities.
The Forum further said the arbitration outcome could strengthen investor confidence by demonstrating Nigeria’s willingness to defend its economic interests through established international dispute-resolution mechanisms while observing contractual and legal processes.
TSF urged the Federal Government to use the development as an opportunity to accelerate work on the Mambilla project, while ensuring transparency, commercial discipline and robust contractual safeguards.