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.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Hon Olubunmi Tunji-Ojo (Chairman, House Committee for Niger Delta Development Commission)

Heading 3

FG declares Wednesday public holiday

The minister of interior, Olubunmi Tunji-Ojo, made the declaration on behalf of the federal government in Abuja.

Adebayo Adelabu

NationWide

Electricity workers urge new minister to address issues in power sector

Mr Igwebike urged the minister to address the issues within two weeks, to guarantee industrial harmony.

Wale Adedayo and Police

States

Impeached Ogun LG chairman Adedayo arrested

“He was taken to Abeokuta by the police,” she said.

President Bola Tinubu

Heading 3

At 63, Nigerians have embraced democratic values and practices: SGF

He said democracy affords citizens the opportunity, through elective structures and processes, to participate effectively in the affairs of their country.

SUPREME COURT

NationWide

PDP calls for full investigation into Supreme Court fire incident

He called on the federal government to beef up security around the Supreme Court.

Faisal Alghamdi

NationWide

Saudi Arabia to conduct free surgeries for Nigerians

“The surgery done will make it the 56th surgery performed by the Kingdom in separating conjoined twins from across the world,” he said.