Whilst litigation funding has been slow to find a stable footing in Africa, there are signs that it is becoming a more active market for funders to explore. This is underscored by the involvement of Burford Capital in a settlement arbitration case brought against the government of Nigeria.
An LFJ Conversation with Michael Kelley, Partner, Parker Poe
Whilst litigation funding has been slow to find a stable footing in Africa, there are signs that it is becoming a more active market for funders to explore. This is underscored by the involvement of Burford Capital in a settlement arbitration case brought against the government of Nigeria.
Outlined in an article by The Cable, Burford Capital is funding a settlement claim by Sunrise Power regarding a breach of contract claim for the proposed Mambilla power plant. After a failed settlement offer from the Nigerian government of $200 million, Sunrise was able to refile the settlement arbitration after securing funding from Burford, with the case set before the International Court of Arbitration in Paris. Burford is funding the case through its subsidiary, Sarmiento Investments.
However, the case is not without controversy, as the initial contract award is the subject of a corruption investigation by Nigerian government officials, which is still ongoing. Burford has made no public comments about the case as of this time.
