Minister of finance, budget and national planning, Zainab Ahmed, has said that the federal government’s effort to source $200 million for settlement of
International Court of Arbitration in Paris award in favour of the Chinese firm, Sunrise Power and Transmission Company Limited is being frustrated by the litigations surrounding the judgement.
“There have been some challenges because there is a legal issue around it. And the bank has been unconfortable, completing the negotiations until the legal issues are sorted out,” the finance minister stated.The $200 million settlement offer was to compensate Sunrise Power for the unlawful termination of the contract for the 1,525 megawatts Mambilla hydropower project and the re-award of the same to another Chinese firm.
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