Oil Deal: U.S. tribunal orders firm to pay Nigeria $660,000
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
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
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.”
States
Ebonyi government enforces strict regulations on mining
Mr Nkah warned the operators in the state that the government would no longer tolerate environmental degradation.
States
FRSC commences special operation to check road crashes in Ebonyi
Mr Asanya said that the operation would last from July 21 to July 23, from 7 a.m. to 1 p.m.
Anti-Corruption
U.S. indicts Okeoghene Udugba for money laundering, defrauding FWS
The U.S.-based Nigerian, Okeoghene Patrick Udugba, 45, of Frisco, Texas, was indicted by a federal grand jury.
States
Kwara lawyers issue seven-day strike notice over unmet demands
According to the lawyers, a three-day warning strike was embarked upon between October 27 and October 28, 2025.
Port Harcourt
Police condemn gruesome killing of four in Rivers community
The command’s spokesperson described the incident as unfortunate and disturbing.
States
Gov Sule sacks six commissioners in cabinet reshuffle
Mr Magaji added that the former commissioners would continue to be part of the government.
