Nigeria may face another $2.3bn fine in arbitration in France over an alleged breach of contract on Mambilla Hydroelectric project.

This is coming after a British commercial court awarded $9.6bn against the country in favour of Process and Industrial Development Company in a botched gas processing deal.

The Mambilla project is currently a subject of litigation instituted by Messrs Sunrise Power and Transmission Company Limited.

The issue in dispute, according to a report by The Cable, is a claim by the plaintiffs that a $5.8bn contract for the construction of the Mambilla Hydroelectric Power Project on the basis of Build, Operate and Transfer exists in their favour.

They claimed that after they were duly awarded the contract in 2003, some ‘vested interests’ in government in 2017 signed another contract with three Chinese companies, Sinohhydro Corporation of China, China Ghezouba Group Corporation of China and China Geo-Engineering Group Corporation, to form a joint venture for the execution of the same project.


It further accused the Chief of Staff to the President, Abba Kyari, of taking the unilateral decision to remove the company from the contract.

The company also accused the then Minister of Power, Mr Babatunde Fashola, of reneging on his promise to renerge on the projects.

As a result, the SPTCL dragged the government and its Chinese partners before the International Chamber of Commerce in Paris, France, over an alleged breach of contract.



The chief executive officer of SPTCL, Leno Adesanya, claimed that the company had spent millions of dollars on financial and legal consultants to raise about $6bn for the execution of the project.


https://punchng.com/mambilla-project-nigeria-risks-another-2-3bn-fine/

They are selling Nigeria 'slowly'







Wow FTC... Y'all contact me on whatsapp for your professional business card designs +2348056957544

No be una fault. You were awarded a contract since 2003( 16years ago ) without any substantial development on the project and you are here talking rubbish.
In some other countries, when you are given a contract in such area of national interest, you will be required to state when the contract will be ready, failure to meet up with the stated date and grace period attracts penalty but the reverse is the case in Nigeria. Here they use one silly excuses to delay the contract and then have subsequent government to review the contract amount upward. God will punish everyone(citizens and foreigners) that has vow to impoverish this country and it's people.

See them now again reneging on already established contract agreement they met or signed again with the company but later will start looking for who to blame.

Meanwhile, how on earth does Abba Kyari single handedly re-assigned the same contract to 3 other companies without FEC authorization or informing the primary contractor?

Lalasticlala hmmmm

PDP raped, looted and stole as much as they could in their 16 years of terrible misrule of our nation.

This government should do all they can, much more than they are currently doing to recover all our stolen funds back and send these criminals to jail, starting from the ineffectual buffon and his cronies.
Criminals.
Greedy criminals.

Hmmm

Nigeria is a geographical region not a Nation

≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈

In another news.....

If you need $5 free today check here, Starts by 5pm.
https://www.nairaland.com/5396122/those-asking-me-5-free

Majority of Nigerians born between 1920 and 1998 are very stupid. They bleeped up this country.

Another one in DJ kahlee voice. By the time they finish selling this country some will run to congo for safety.

post=81886381:
PDP raped, looted and stole as much as they could in their 16 years of terrible misrule of our nation.

U are joking right ?

"They claimed that after they were duly awarded the contract in 2003, some ‘vested interests’ in government in 2017 signed another contract with three Chinese companies"


u really need brain cells resuscitation.

post=81886381:
PDP raped, looted and stole as much as they could in their 16 years of terrible misrule of our nation.

This government should do all they can, much more than they are currently doing to recover all our stolen funds back and send these criminals to jail, starting from the ineffectual buffon and his cronies.
Criminals.
Greedy criminals.

With all these Debts I'm hearing about lately, Will any Country accept to Buy Nigeria...? This country is Finished !!! God Help Nigeria!

Racoon:
See them now again reneging on already established contract agreement they met or signed again with the company but later will start looking for who to blame.

Meanwhile, how on earth does Abba Kyari single handedly re-assigned the same contract to 3 other companies without FEC authorization or informing the primary contractor?

Since 2003? Why won’t they award it to other companies. 16 good years and little or nothing was done till it was awarded to another company. I don’t know about you. But that is what I’d have done if I was the commander in chief.

niaralandtopuser:

you should wait to know what lead to the delay before typing this nonsense.
what if the delay was FG fault?

What could the delay be? 3 different presidents couldn’t do anything till Buhari decided to award it to the Chinese. If the past presidents abs and the company are all serious about the project it should have been completed in the last decade then. They are all mad. Fine kill them there.

[s]

post=81886381:
PDP raped, looted and stole as much as they could in their 16 years of terrible misrule of our nation.

This government should do all they can, much more than they are currently doing to recover all our stolen funds back and send these criminals to jail, starting from the ineffectual buffon and his cronies.
Criminals.Greedy criminals.

[/s]
"..They claimed that after they were duly awarded the contract in 2003, some ‘vested interests’ in government in 2017 signed another contract with three Chinese companies, Sinohhydro Corporation of China, China Ghezouba Group Corporation of China and China Geo-Engineering Group Corporation, to form a joint venture for the execution of the same project.


It further accused the Chief of Staff to the President, Abba Kyari, of taking the unilateral decision to remove the company from the contract.

The company also accused the then Minister of Power, Mr Babatunde Fashola, of reneging on his promise to renerge on the projects."

alizma:
No be una fault. You were awarded a contract since 2003( 16years ago ) without any substantial development on the project and you are here talking rubbish.
In some other countries, when you are given a contract in such area of national interest, you will be required to state when the contract will be ready, failure to meet up with the stated date and grace period attracts penalty but the reverse is the case in Nigeria. Here they use one silly excuses to delay the contract and then have subsequent government to review the contract amount upward. God will punish everyone(citizens and foreigners) that has vow to impoverish this country and it's people.

you should wait to know what lead to the delay before typing this nonsense.
what if the delay was FG fault?

post=81886381:
PDP raped, looted and stole as much as they could in their 16 years of terrible misrule of our nation.

This government should do all they can, much more than they are currently doing to recover all our stolen funds back and send these criminals to jail, starting from the ineffectual buffon and his cronies.
Criminals.
Greedy criminals.

keep quiet

shameless man

A day without these useless stories in Nigeria, such day is meaningless.

post=81886381:
PDP raped, looted and stole as much as they could in their 16 years of terrible misrule of our nation.

This government should do all they can, much more than they are currently doing to recover all our stolen funds back and send these criminals to jail, starting from the ineffectual buffon and his cronies.
Criminals.
Greedy criminals.

this was the only thing your brain could figure out from this mess that Abba Kyari led us into

This week is hell for Naija

Glycosunde:

Nigeria government should have sued them before now because how can a contract you signed in 2003 was not done even till 2017 that our defacto president (Abba Kyari) single handedly gave it to another company

what if the delay was FG fault? why not sue them instead of dragging us into another mess?

Wailing wailers will never agree the evil politicians and bastards they all clamour out our darling nation in this mess.

Anyways, we thank God that a New sherriff is in town to right all the wrongs they did and collecting back our stolen money.

Just one ear-ring of Allison Diezani is enough to feed the families of these zombies for the rest of their miserable lives,
but you still see them, telling the FG to return her jewelries to her, that 'Madam Aisha has more jewelry than Allison'.
See them wailing on our post above .
Irredeemable wailers.
Hypocrites everywhere!

Thank God for our darling President Muhammadu Buhari.
It could have been worse!
Sane Nigerians are with you sir.
16 million of us cannot be wrong!

Wailers, carry go for the next 4 years....body go tell una!

[s]

YorubaHero12:
Both OBJ, Jonathan, and Buhari are all Buffons! I’m just sparing yar’Adua coz of his death.

Contract signed in 2003, the mumu company looked on till 2019 to start saying the government reneged on the contract. Buhari and Abba Kyari did their own rubbish too and now Nigeria is in another debt again.

What we citizens don’t understand is that all our politicians (Presidents, Governors, legislators, and the Judges) from top to bottom should be burnt alive to cleanse this country.

[/s]

Bawizzo:
"They claimed that after they were duly awarded the contract in 2003, some ‘vested interests’ in government in 2017 signed another contract with three Chinese companies"


u really need brain cells resuscitation.

lol and you're taking time to explain to the road side suya seller

�

omolola15:


Since 2003? Why won’t they award it to other companies. 16 good years and little or nothing was done till it was awarded to another company. I don’t know about you. But that is what I’d have done if I was the commander in chief.




What could the delay be? 3 different presidents couldn’t do anything till Buhari decided to award it to the Chinese. If the past presidents abs and the company are all serious about the project it should have been completed in the last decade then. They are all mad. Fine kill them there.

mambilla power project started In 1982. I know you want to blame the delay on PDP as if Nigeria started existing in 1999.

Seems like another lost case for the Nigerian government.