By Okoi Obono-Obla
That individuals deeply implicated in the proceedings before the ICC International Court of Arbitration in Paris belong to the country’s super-elite by any standard, and yet exhibit such unpatriotic conduct, tells a troubling story about Nigeria’s elite formation.
They connived and colluded with foreign interests masquerading as foreign investors, acting as what Marxian ideologues correctly term the comprador bourgeoisie — exemplified by the promoters of Sunrise Power and Transmission Company Limited — in an attempt to fleece Nigeria through a phantom contract for the Mambilla Hydroelectric Power Project, awarded in 2003 as a Build, Operate and Transfer (BOT) contract at a provisional cost of $6 billion. fbf7
This confirms that we do not yet have a patriotic super-elite, but rather a collection of selfish, unpatriotic, thieving, benighted saboteurs posturing as a super-elite.
Gladly, Nigeria scored a spectacular victory that is worthy of celebration. The ICC Tribunal in Paris dismissed Sunrise’s $2.354 billion claim for breach of contract, dismissed the separate $400 million claim arising from the 2020 settlement agreement, and ordered Sunrise and its promoter to reimburse Nigeria 75% of its legal fees — about $11.8 million. 168476cf31a4
The lessons thrown up by this sordid matter have brought to the front burner the necessity of moral rejuvenation and revolution. We must go back to the drawing board to recruit and prepare the next generation of leaders who will behave and carry themselves as a true super-elite — an elite that will serve the interest of the country even at the point of paying the supreme sacrifice and will never compromise national interest at the altar of filthy lucre.
Imagine if these actors had succeeded. If Nigeria had lost the whopping $2.35 billion plus the phantom $400 million — a total of $2.75 billion — the cost to the nation would have been staggering.
At the current exchange rate of September 21, 2026:
Official NFEM rate: ~₦1,330.65 / $1 c201
Parallel market: ~₦1,390 / $1 c002
This translates to:
At official rate: $2.75 billion = ~₦3.66 trillion
At parallel rate: $2.75 billion = ~₦3.82 trillion
If such a stupendous amount were properly invested in education, infrastructure, and agriculture, what fundamental difference and impact would it make? It could build thousands of classrooms and primary health centres, fund mechanized farming across the entire Mambilla Plateau and beyond, and complete critical sections of our national grid.
Conclusion: The ICC victory is not just a legal win; it is a fiscal rescue and a moral indictment. It must become a watershed moment. Nigeria must now institutionalize stronger contract vetting, criminalize collusive settlement agreements made without Federal Executive Council approval, and deliberately groom a new super-elite defined not by access to power and Senior Advocateship, but by patriotism, integrity, and willingness to place national interest above personal gain.
