By Samuel Itsede
Eurafic Power Limited through its legal counsel, Chief Godwin Obla,SAN has dragged the federal government to court over the sale of Sapele Power Plant.
He is claim that Niger Delta Power Holding Company, NDPHC, acting on behalf of government was expropriating its assets shortly after its handover by severing a substantial portion in favour of Ogorode Power Generation Company.
He said that the federal government through the National council of privatization had issued share certificate to it approving the sale of the power plant.
The power firm said it entered into a share sale agreement, SSA, with the Bureau of Public Enterprises and the Federal Ministry of Finance both acting on behalf of the Federal Government to purchase the plant in 2013 at the sum of $201 million.
It said that after several fruitless attempts to get to the federal government and Bureau of Public Enterprise to honour the terms of the SSA, it was constrained to invoke the provisions of clause 15 of the agreement against federal government.
It said that the SSA envisaged the transfer of all property and asset of Sapele Power Plant including Sapele II and that the actions were of federal government in severing a portion of its asset were unlawful.
It also said that several months after exchanging written submission/ oral and evidentiary hearings, the arbitral tribunal had rendered its award dated 28 0f September 2017 in favour of Eurafic Power Limited.
Eurafic Power Limited through its legal counsel also asked the federal government for the prompt settlement of its judgment debts.
