Just-In: Macron hosts Tinubu to private dinner at Élysée Palace in Paris (Photos)

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French President Emmanuel Macron hosted President Bola Tinubu to a private dinner at the Élysée Palace in Paris on Thursday night, according to the Presidency.

The meeting highlighted the longstanding relationship between Nigeria and France and the commitment of both countries to strengthening bilateral cooperation.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed the development in a brief statement shared on his social media handles on Friday.

The dinner came shortly after an International Chamber of Commerce (ICC) arbitration tribunal sitting in Paris ruled in favour of Nigeria in a $2.35 billion dispute involving Sunrise Power and Transmission Company Limited over the Mambilla Hydroelectric Power Project in Taraba State.

The three-member tribunal, in its final award delivered on Thursday, September 17, dismissed Sunrise Power’s claim that Nigeria had breached its contractual obligations under a settlement agreement and an addendum relating to the project.

The tribunal also rejected the company’s demand for $400 million, comprising a $200 million settlement sum and another $200 million default payment.

It further ruled that Leno Adesanya, the promoter of Sunrise Power, was bound by the arbitration agreement with Nigeria and that it had jurisdiction over the Federal Government’s counterclaim against him and his company.

Under the award, Sunrise Power and Adesanya were ordered to reimburse Nigeria 75 per cent of the legal fees and expenses incurred during the arbitration.

The tribunal assessed Nigeria’s legal costs at $11.82 million and directed that $2.5 million be deducted from funds held in escrow by the ICC and released following notification of the final award.

The respondents were also ordered to pay the remaining $9.32 million to Nigeria, with the outstanding amount attracting 10 per cent annual compound interest from the date the award was notified until full payment.

The arbitration costs, fixed at $1.66 million, were similarly apportioned, with Sunrise Power and Adesanya responsible for 75 per cent and Nigeria 25 per cent.

Reacting to the ruling, President Tinubu said the outcome demonstrated the government’s determination to protect Nigeria’s interests against what he described as “predatory and exploitative claims.”

“This latest decision affirms the Nigerian State’s determination not to succumb to predatory and exploitative claims by corrupt local and international entities and their enablers and funders,” the President said.

Tinubu commended the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, officials of the Federal Ministry of Justice and members of Nigeria’s legal defence team for their contributions to the proceedings.

He also acknowledged the roles played by former President Olusegun Obasanjo and the late President Muhammadu Buhari, who testified during the proceedings, as well as former ministers Babatunde Fashola and Suleiman Adamu, other witnesses and experts.

The President further recognised the contributions of the National Security Adviser and the Economic and Financial Crimes Commission to the case.

The Mambilla dispute dates back to a 2003 agreement for the construction of a 3,050-megawatt hydroelectric power plant in Taraba State under a build-operate-transfer arrangement reportedly valued at about $6 billion.

Sunrise Power commenced arbitration proceedings before the ICC International Court of Arbitration on October 10, 2017, seeking approximately $2.354 billion over an alleged breach of contract relating to the project.

A separate dispute later arose from a 2020 settlement agreement reportedly reached by the parties to resolve the initial disagreement.

The latest arbitration proceedings focused on claims arising from that settlement, while broader disputes surrounding the Mambilla project have persisted for years.

Tinubu said the latest ruling had removed what he described as the “single biggest legal hurdle” delaying the hydropower project.

He nevertheless reaffirmed Nigeria’s commitment to legitimate investors and to honouring its contractual and legal obligations.

“While our country remains committed to partnering with genuine investors and honouring its legal obligations, it will continue to defend all opportunistic claims instituted against our commonwealth strongly,” the President said.

The private dinner with Macron subsequently provided an opportunity for the Nigerian and French leaders to underscore the longstanding ties between both countries and their stated interest in deepening cooperation.