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SPTCL files lawsuit against FG
- The lawsuit filed at the International Court of Arbitration, Paris
- Accuses the FG of failing to honour $200 million compensation
Sunrise Power Transmission Company of Nigeria Ltd (SPTCL) has filed a $400 million lawsuit against the Federal Government (FG). The lawsuit filed at the International Arbitration Court, Paris, accuses the FG of failing to comply with a $200 million compensation agreement.
SPTCL, the promoter of the Mambilla project, had in 2017 instituted a lawsuit against the FG seeking a $2.354 billion award for ”Breach of Contract”. As a result of the arbitration proceeding between SPTCL and the FG, a $200 million compensation was reached with a penalty of 10% penalty for default. The compensation was to be disbursed within six months of the agreement. The compensation agreement was signed by the Attorney General, Abubakar Malami, Minister of Power, Engr. Mamman and Chairman/CEO of the company, Leno Adesanya.
Responding to the lawsuit, the Special Adviser to the Minister of Power, Aaron Artimas, said, “The President had endorsed the decision and committed to the settlement; the COVID-19 pandemic challenges only stalled the process. This remains the position”.