Sunrise Power is currently in arbitration with Nigeria at the International Chamber of Commerce (ICC) in Paris, France, claiming a breach of contract regarding a $6 billion build, operate and transfer (BOT) contract awarded in May 2003. The company asserts that the federal government repudiated the agreement, leading to a compensation request of $2.3 billion. Sunrise Power argues it spent millions on financial and legal consultants before the contract was abandoned.


Nigeria, in its defense, alleges fraud and corruption involving public officials in the contract award, drawing parallels with the P&ID case where a UK court nullified an $11 billion award against the country for similar reasons. The Economic and Financial Crimes Commission (EFCC) has reportedly uncovered fraud issues and filed charges against suspects.

In response, former President Obasanjo, in a letter to Fagbemi, disassociates himself from the contract award, stating that no contract was awarded to Sunrise Power during his administration. He expresses a commitment to cooperate in shedding light on the matter, emphasizing his willingness to testify in arbitration or any forum if deemed necessary for the national interest. The outcome of the arbitration is expected to depend on the evidence presented by both parties.