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$6bn Mambilla project: FG, Sunrise Power await Paris court verdict
Former presidents Muhammadu Buhari and Olusegun Obasanjo have defended Nigeria in the $2.3 billion arbitration proceedings filed against the country by Sunrise Power over an alleged breach of contract by the federal government at the International Chamber of Commerce (ICC) in Paris.
The parties in the case now await the court’s verdict.
The arbitration court in France had a week-long hearing, between 18th and 23rd January, in Paris on the ongoing dispute between Sunrise Company/Leno Adesanya and the government of Nigeria on the existence or absence of a contract for the construction of the Mambilla Power Project.
The Mambilla Hydroelectric Power Station is a proposed 3,050 MW hydroelectric power project.
Sunrise Power, which claimed to have been awarded a $6 billion contract to build, operate and transfer the power plant by the Obasanjo administration in May 2003, is in arbitration with Nigeria at the International Chamber of Commerce in Paris.
The company has alleged a breach of contract by the federal government and is seeking monetary compensation of $2.3 billion to cover what it had spent on financial and legal consultants.
Obasanjo, Buhari testify at tribunal
Credible sources spoke with our reporters on the appearance of two former presidents at the court last week.
One of the sources said both Obasanjo and Buhari maintained their stand that no contract was signed in the first instance. Hence, there was no basis for the claim of compensation by Sunrise over the $6bn Mambilla power contract deal.
Obasanjo, who testified before the ICC last Wednesday, had in an interview he granted TheCable in 2023, queried his former Minister of Power, Olu Agunloye, how he got the prerogative to award the contract to Sunrise in 2003.
Buhari, who also testified last Thursday, had earlier written to the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, denying authorising the settlement agreement of 2020.
The source said: “It is very important for the nation’s case that the Attorney-General and Minister of Justice, Lateef Fagbemi, was successful in bringing two former presidents – Chief Olusegun Obasanjo and Muhammadu Buhari – to testify at the hearing.
“By this action, the government of Nigeria sent a signal of its strong commitment to defending the nation’s interest.”
The source said both leaders – Obasanjo and Buhari – are known for speaking forthrightly and unequivocally, and this, they exhibited in Paris.
The source further explained that to the delight of the international team of lawyers representing Nigeria, the two past presidents did extremely well, exposing the Sunrise/Leno’s claim for what it is: an attempt using fraud, deceit and lies to scoop USD660,000 settlement from Nigeria in the first instance, for the alleged violation of a 2003 contract for which there is no valid approval.
According to the source, “It is evident from the proceedings that the case of the litigants was rooted in a purported 2003 agreement. The 2003 contract was established not to have been validly in existence. This is worsened by the fact that the litigants failed to produce their major witnesses.”
Key witnesses missing as Leno makes appearance
Another trusted source confirmed to the Daily Trust that Barrister Michael Andoakaa, the Yar’adua-era Minister of Justice and Attorney General made a brief appearance in Paris. He did not show up at the hearing.
Similarly, the much-touted appearance of a one-time Minister of Power, Agunloye, did not also materialise. He was the one who allegedly signed a side letter communicating the approval of the contract 24 hours after its rejection by the Federal Executive Council (FEC) which meeting was presided over by Obasanjo.
A third “key witness”, a Senegalese woman, did not also appear at the hearing.
The source, who closely monitored the proceedings also said, “Another major setback suffered by the litigants was their over-reliance on an earlier witness statement deposed to by Abubakar Malami, Minister of Justice and Attorney General under President Buhari.
“Malami, on whose testimony the litigants made heavy weather was not fielded as a witness, but ended up lining behind his former boss, President Buhari, to support and prepare him well for his (Buhari’s) testimony.
“It was by and large a great showing, consolidated by the equally outstanding testimonies of former ministers, Engineer Sulaiman Adamu, formerly Water Resources and Babatunde Raji Fashola, Power.”
However, Leno Adesanya was before the panel on Tuesday. He, like all the others, was led by a counsel.
Whereabouts of Dr Olu Agunloye
The Daily Trust findings revealed that Olu Agunloye is presently in his house because he had been granted administrative bail by the Economic and Financial Crimes Commission (EFCC).
He is being tried at the Federal High Court, FCT, sitting in Apo, Abuja and therefore not in Paris, France.
When our reporter spoke to the EFCC Head of Media and Publicity, Dele Oyewale, on whether Agunloye would testify at Paris, France, he said they didn’t know because they were not concerned about the matter, and as such it wouldn’t affect the ongoing case in Nigeria.
President Bola Tinubu has assented to the 2026 Appropriation Bill, which provides for an aggregate expenditure of ₦68.32 trillion.
He also signed the bill extending the implementation period for the 2025 budget from March 31, 2026, to June 30, 2026.
This was announced on Friday in a statement by his Special Adviser on Information and Strategy, Bayo Onanuga.
The ₦68.32 trillion budget for this year earmarks ₦4.799 trillion for statutory transfers and ₦15.8 trillion for debt service.
It allocates ₦15.4 trillion to recurrent expenditure and ₦32.2 trillion to the Development Fund for Capital Expenditure.
“With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.
The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians,” the statement read in part.
The President also has assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the implementation period of the capital component of the 2025 Appropriation Act from March 31, 2026, to June 30, 2026.
The extension, the statement revealed, would ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.
It will enable ministries, departments, and agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure. With the 2026 Appropriation Act coming into force on April 1, the Federal Government will commence full implementation in line with the Renewed Hope Agenda,” it added.
Additionally, President Tinubu directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with a strong emphasis on value for money and timely project delivery.
He commended the National Assembly for its diligence, cooperation, and patriotism in expeditiously considering and passing the budget.
The President reaffirmed the importance of sustained collaboration between the executive and legislative arms of government in advancing national development objectives.
Tinubu also assured Nigerians of his administration’s resolve to deepen fiscal reforms, enhance revenue generation, and prioritise investments that will stimulate economic growth, create jobs, and strengthen social protection mechanisms.
The budget is also expected to be partly financed through external borrowing, following the approval of a foreign loan plan exceeding $21 billion to bridge the fiscal gap.
₦9.85trn Increase
The 2026 budget represents an increase of ₦9.85 trillion over the initial proposal of ₦58.47 trillion that Tinubu submitted to the National Assembly, and ₦13.33 trillion higher than the 2025 budget.
The President had while presenting the 2025 budget proposal before federal lawmakers in December 2025, pegged the capital expenditure at ₦26.08 trillion and the crude oil benchmark at US$64.85 per barrel.
He disclosed that the expected total revenue was ₦34.33 trillion; ₦15.52 trillion for debt servicing.
The proposal was anchored on a crude oil production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to the US Dollar for the 2026 fiscal year.
Amid the growing concerns over insecurity across the country, Tinubu said his administration would “invest in security with clear accountability for outcomes—because security spending must deliver security results”.
“We will take decisive steps to strengthen agricultural markets. Food security is national security.
“The 2026 budget prioritises input financing and mechanisation; irrigation and climate‑resilient agriculture; storage and processing; and agro‑value chains,” he told the National Assembly members.
Nigeria’s budgets in recent years have come under fire with experts critcising the poor implementation and release of funds for the execution of important national projects.
But the Tinubu administration said that the 2026 national budget was well-planned to solidify the gains of its reform agenda.
“Our ‘Budget of Consolidation, Renewed Resilience and Shared Prosperity’ is critical. It is a commitment to double down on what is working, to solidify gains, and to ensure that the shared prosperity we speak of becomes a lived reality for more Nigerians, faster,” Minister of Information and National Orientation, Mohammed Idris, said in a statement.
Popular sports broadcast journalist with Classic FM 97.3, Temisan Okomi, has died.
A journalist with News Central, Olawale Adigun, confirmed his death in a statement shared on X on Friday.
He wrote on X, “The worst way to go into the weekend is hearing about Temisan Okomi’s passing. I’m so gutted and, at the same time, terrified. This man meant so much to me.”
Recall that news of his death has since stirred reactions on X, with colleagues and fans expressing shock and grief.
The late journalist had worked with Lagos Television, HiTV, and other prominent media organizations in Nigeria.
His last post on X was on April 14, 2026, when he wrote, “The Champions League is hard, man.”
Ibrahim Abdulkarim, a political associate of ex-governor of Anambra State, Peter Obi, has claimed that the former governor of Kano State, Rabiu Kwankwaso, has agreed to deputize the Obi in the 2027 presidential race.
He spoke during an interview on Trust TV, said the Obidients and the Kwankwassiyya Movements are already aligning towards Obi/Kwankwaso ticket.
Asked if Obi and Kwankwaso had struck a deal, Abdulkarim said “yes, I can categorically tell you that they have agreed”.
We all know that. Both the Obidients and the Kwankwassiyya Movements are aware of the agreement”.
Recall that Kwankwaso recently decamped from the New Nigerian Peoples Party, NNPP to the African Democratic Congress, ADC.
His move stirred suspicion that the two political gladiators may have agreed to run for the 2027 presidency on a single ticket.
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