Tag "Sunrise Power and Transmission Company Limited (SPTCL)"

    EXCLUSIVE: FG to pay Sunrise Power $200m ‘compensation’ to end Mambilla dispute

EXCLUSIVE: FG to pay Sunrise Power $200m ‘compensation’ to end Mambilla dispute

The federal government has agreed to pay $200 million to Sunrise Power and Transmission Company Limited (SPTCL) as final settlement of the dispute over the Mambilla power project in Taraba state, TheCable can report. The government also agreed to pay a penalty of 10 per cent in case of a default in fulfilling the settlement agreement -- in addition to restoring [...]

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    China: We won’t fund Mambilla power until Nigeria settles legal dispute

China: We won’t fund Mambilla power until Nigeria settles legal dispute

The Chinese government has asked Nigeria to settle the legal dispute over the $5.8 billion Mambilla power failing which it would not provide the funds for the project. In 2006, the China Gezhouba Group Corporation of China (CGGC) and China Geo-Engineering Group Corporation (CGCOC) had won the bid for a joint venture to execute the hydropower project with a proposed capacity [...]

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    Nigeria risks another $2.3bn fine in France — after P&ID’s $9.6bn

Nigeria risks another $2.3bn fine in France — after P&ID’s $9.6bn

As the country continues to battle with the $9.6 billion award in favour of P&ID, another possible $2.3 billion fine in arbitration is hanging over the country in France as a result of controversies surrounding the Mambilla power project in Taraba state.  In August, a British commercial court had granted P&ID powers to seize Nigerian assets worth $9.6 billion over a failed [...]

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    ‘We can’t divert $600m that doesn’t exist’ — Fashola speaks on Mambilla power project

‘We can’t divert $600m that doesn’t exist’ — Fashola speaks on Mambilla power project

Babatunde Fashola, minister of power, works and housing, says the reports that the Mambilla power project has been stalled, due to an attempt to divert funds, is not true. The $5.8 billion project, a 3,050-megawatt hydropower facility, was conceived in 1982. In a statement on Sunday, Hakeem Bello, the minister's spokesperson, said the federal government never awarded a contract for the Mambilla [...]

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    Nigeria risks $2.3bn fine as Mambilla power project faces crisis

Nigeria risks $2.3bn fine as Mambilla power project faces crisis

The federal government is at risk of a $2.3 billion fine in arbitration over an alleged breach of contract for the $5.8 billion Mambilla power project in Taraba state. The project, a 3,050-megawatt hydropower facility, has stalled owing to legal and funding crises after Sunrise Power and Transmission Company Limited (SPTCL), a local content partner, was reportedly sidelined in the project [...]

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