BREAKING: Former President Olusegun Obasanjo Offers Testimony in $2.3bn Mambilla Power Contract Dispute

BREAKING: Former President Olusegun Obasanjo Offers Testimony In $2.3bn Mambilla Power Contract Dispute....KINDLY READ THE FULL STORY HERE▶

In a significant development, former President Olusegun Obasanjo has expressed his readiness to testify for Nigeria in any forum regarding the disputed $2.3 billion Mambilla power contract involving former Minister of Power and Steel, Olu Agunloye. CONTINUE READING

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Sunrise Power, engaged in arbitration with Nigeria at the International Chamber of Commerce (ICC) in Paris, France, alleges a breach of contract. The company claims it was awarded a $6 billion build, operate, and transfer (BOT) contract in May 2003 by the Obasanjo administration but that the federal government repudiated the agreement. Sunrise Power is seeking compensation of $2.3 billion, asserting it had incurred significant expenses on financial and legal consultants before the contract was abandoned.

Nigeria, in its defence, alleges fraud and corruption of public officials in the contract award, similar to the P&ID case where a UK court nullified an $11 billion award against the country for comparable reasons. The Economic and Financial Crimes Commission (EFCC) has reportedly uncovered serious issues of fraud and filed charges against suspects.

In a letter to Fagbemi, Obasanjo clarified, “What is abundantly clear is that at no time did Dr Agunloye comply with the foregoing directive by bringing a memo to Council to include the [stated] comparison.” He emphasized that his directive did not extend to awarding any contract to Sunrise Power or any other entity.

Obasanjo expressed his commitment to assisting the government, stating, “I have therefore resolved to make myself available to testify in Arbitration or any forum should you consider it necessary in our national interest.” His testimony aims to shed light on the matters related to the alleged acts of fraud, deceit, and malfeasance surrounding the Mambilla power contract.

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Source: Bushradiogist