Business
Tinubu reacts as Nigeria wins arbitration against Sunrise Power
On Thursday, an International Arbitration Tribunal under the auspices of the International Chamber of Commerce (ICC) in Paris issued an award in favour of Nigeria, rejecting the claims in the arbitration instituted by Sunrise Power and Transmission Company Ltd (Sunrise).
The company had made a claim against the Federal Republic of Nigeria, demanding $680 million as a settlement sum and interest in respect of another arbitration in which it is claiming over $2.7 billion in compensation and interest.
The claim relates to disputes associated with the development of the 3,960 MW Mambila Hydroelectric Power Project in Taraba State.
The tribunal, in its verdict on Thursday, directed Sunrise and its promoter to refund Nigeria’s legal fees of $11.8 million.
It also rejected Sunrise’s claim for an order that Nigeria should pay the company $400 million in satisfaction of the settlement sum of $200 million and the default sum of $200 million.
The tribunal insisted that Leno Adesanya, the promoter of Sunrise, is bound by the arbitration agreement with Nigeria pursuant to the settlement agreement, adding that the tribunal has jurisdiction over Nigeria’s counterclaim against him and his firm.
Tinubu speaks
In his reaction Thursday evening, President Bola Tinubu said the latest decision affirms the Nigerian State’s determination not to succumb to predatory and exploitative claims by corrupt local and international entities and their enablers and funders.
“On behalf of the Government and People of the Federal Republic of Nigeria, I strongly commend the tremendous efforts of the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi and the entire team at the Federal Ministry of Justice for their efforts in this matter,” the president said in a statement signed by presidential spokesperson, Bayo Onanuga.
“I also commend the FRN defence team, led by Ms Elizabeth Oger-Gross and Mr Tolu Obamuroh, both of Paul Hastings LLP, for their professional and excellent defence of the country.
“I commend the patriotism and support of former President Olusegun Obasanjo, GCFR, and late President Muhammadu Buhari, GCFR, who testified in the case, which dated back to an illegal 2003 contract to build a 3,050-megawatt hydroelectric plant in Taraba State under a build-operate-transfer model. The Federal Executive Council never authorised the contract.”
READ ALSO: Shettima clarifies remarks on northern governors’ support for President Tinubu in 2023
Mr Tinubu also thanked the other witnesses in the case, including former Ministers Babatunde Raji Fashola, SAN, and Suleiman Adamu, as well as the experts, for their active participation in defending Nigeria’s interests in the arbitration.
“I commend the National Security Adviser for his support and the Economic and Financial Crimes Commission for its investigation into the case.
“I want to assure you that while our country remains committed to partnering with genuine investors and honouring its legal obligations, it will continue to defend all opportunistic claims instituted against our commonwealth strongly,” he said.
Thursday’s ICC ruling clears the single biggest legal hurdle that has paralysed the Mambilla hydro power project for years, the statement said.
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OPay, a Nigeria-focused digital financial services company, has listed on the New York Stock Exchange (NYSE), raising $304 million in its initial public offering (IPO) and securing a market capitalisation of more than $4 billion.
The company began trading on Friday, pricing its offering at $19 per American Depositary Share (ADS). It sold 16 million ADSs, with each representing 10 ordinary shares.
According to the company, the United States Securities and Exchange Commission declared its registration statement effective on 29 October, and the offering was expected to close on 2 November.
Lars Boilesen, OPay’s co-chief executive officer, said the listing marked a significant milestone for the company and Nigeria’s financial technology sector.
“Today, OPay serves over 50 million monthly active users across Nigeria, Egypt, Pakistan, and Indonesia. Since launching in Nigeria eight years ago, we have pioneered seamless digital payments to become the country’s leading digital financial platform,” he said.
Mr Boilesen said the company had recorded a 9.9 per cent market share across Africa and the Middle East based on monthly average users in the first half of 2026.
He said OPay saw further growth opportunities in Nigeria, where an estimated 40 million adults remained outside the formal financial system.
“Our journey is just beginning. In Nigeria, an estimated 40 million adults remain outside the formal financial system,” he said.
He added that the company intended to apply its experience in Nigeria to other emerging markets, where young populations and increasing mobile internet access were expanding demand for digital financial services.
Stephen Wen, another co-chief executive officer of OPay, said the company was positioned to expand across emerging markets, citing growing smartphone penetration and demand for accessible financial services.
“In Nigeria, more than 60 per cent of the population are underserved by traditional banks and rely on cash. As we grow, we will stay focused on solving our customers’ pain points to make financial services accessible and convenient,” he said.
James Perry, OPay’s chief financial officer, said the company had reached a $1 billion revenue run rate in the second quarter of 2026.
He said OPay recorded 137 per cent year-on-year growth and a 19 per cent net margin in the first six months of the year.
ALSO READ: How OPay is taking financial inclusion closer to more Nigerians
“OPay enters the public markets from a position of financial strength, reaching a $1 billion revenue run rate in Q2 2026. For the first six months of 2026, we grew 137% year-on-year and reached 19% net margin,” Mr Perry said.
He said the company planned to use the IPO proceeds to invest in technology and support growth in Nigeria and other African markets.
OPay has expanded beyond payments into savings, credit and merchant services, with plans to develop a broader financial and lifestyle platform.
Launched in Nigeria in 2018, OPay operates an integrated digital financial platform serving users in Nigeria, Egypt, Pakistan and Indonesia.
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