EFCC investigates suspicious transactions in Sunrise/Mambilla power project

Story from Saleh INUWA, Kano

Nigeria’s efforts to dismiss the $2.3 billion arbitration filed by Sunrise Power and Transmission Company regarding the Mambilla Hydroelectric Power Project have received a boost.

The ICC International Court of Arbitration in Paris, France, has granted Nigeria’s request to disapply the “expedited procedure” that would have fast-tracked the proceedings.

As a result, the country’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), can complete its investigation into suspicious financial transactions between Sunrise Power and certain government officials who played a critical role in the project.

The EFCC has uncovered several transactions between Sunrise Power and government officials that it deems inappropriate and that could have a significant impact on the arbitration.

While the two cases may not be related, transparency advocates are hopeful that a precedent will be established to prevent contracts awarded under corrupt processes from benefiting from arbitration awards.

A ruling on the matter is expected soon in the UK based on international corrupt practices.

Source: The Cable

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