Tuesday, September 26, 2023

Oil Deal: U.S. tribunal orders firm to pay Nigeria $660,000

The International Centre for Settlement of Investment Dispute also absolved the federal government of Nigeria from any liability.

• October 7, 2020
Nigeria's Attorney General, Abubakar Malami
Nigeria’s Attorney General, Abubakar Malami [Photo Credit: The Guardian Nigeria]

Attorney-General Abubakar Malami on Wednesday welcomed the judgment of a U.S.-based tribunal, which ordered InterOcean Oil Development Company to pay the federal government $660,129 as reimbursement of its share of arbitration costs.

“The tribunal finds no liability on the part of respondent in connection with claimants’ loss of control over their investment, Pan Ocean,” the judgment reads in part.

The International Centre for Settlement of Investment Dispute headed by William Park also absolved the federal government of Nigeria from any liability maintaining that Nigeria did not breach any of its obligations in the contract agreement with Interocean Development Company and Interocean Oil Exploration Company.

The oil company had sought a relief from the tribunal to compel the federal government of Nigeria, its relevant privies and instruments to pay aggravated damages in an amount to be proven during these arbitral proceedings which the claimants quoted to the tune of $1.5 billion.

A spokesperson Mr. Malami described the judgment as an addition to the multiple success stories recorded in international litigations by the federal ministry of justice.

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