In an exclusive interview with TheCable, former President Olusegun Obasanjo refutes allegations surrounding a $6 billion contract awarded to Sunrise Power and Transmission Ltd for the Mambilla Hydropower Project in 2003. Obasanjo firmly stated that during his presidency from 1999 to 2007, no minister had the authority to approve amounts exceeding N25 million without his express consent.
The controversy surrounding the Sunrise Power contract has persisted, with the company currently engaged in arbitration with Nigeria at the International Chamber of Commerce (ICC) in Paris, France. The company initially demanded $2.3 billion in compensation, citing significant expenditures on financial and legal consultants before the contract’s cancellation. In a subsequent arbitration, Sunrise Power sought a $400 million settlement, based on terms agreed upon with the federal government in 2020 to resolve the dispute.
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Obasanjo’s unequivocal denial of granting approval for the $6 billion project raises significant questions about the decision-making process during his tenure. He has expressed his willingness to testify before a commission of inquiry should one be established to investigate the matter, asserting that all relevant records support his claim that he never approved the controversial project.
This revelation from the former president adds a new layer to the ongoing Sunrise Power saga, highlighting the need for a thorough and impartial investigation to determine the facts surrounding the disputed contract.
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