… orders coy to pay FG $600,000
UNITED States-based International Centre for Settlement of Investment Dispute has ordered the Interocean Oil Development Company and Interocean Oil Exploration Company to pay a total of $660,129.87 to Nigeria.
This ruling followed an arbitration case initiated in 2013 against Nigeria by the oil firm, on an alleged breach of contract relating to an oil exploration and production joint venture.
The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, announced this in a statement on Wednesday.
He said the Tribunal, led by Professor William Park, also relieved Nigeria of a $1.5 billion liability.
Malami spoke in a statement signed by his media aide, Umar Gwandu.
According to him, the tribunal, in the judgement it delivered on Tuesday, also absolved the Federal Government of Nigeria of any liability.
The statement said, “The oil companies that have among its legal team, Mr Olasupo Shasore, SAN requested, among others, relief from the Tribunal directing the Federal Government of Nigeria, its relevant privies and instrumentalities to pay aggravated damages in an amount to be proven during these arbitral proceedings which the Claimants estimate at being in excess of US $1.5 billion (One Billion Five hundred Million United States Dollars)”.
But the judgment said, “The Tribunal finds no liability on the part of Respondent in connection with Claimants’ loss of control over their investment, Pan Ocean.”
Malami noted that the judgment was a further proof of the multiple success stories of the Federal Ministry of Justice in the area of international litigations.
“Gone is such an era of connivance to deprive the nation of its resources for gratifying ulterior motives of vested interests at the expense of the Nigeria populace,” he said.
He added that the tribunal awarded $660, 000 as reimbursement to Nigeria to cover the cost it incurred in the arbitration proceedings.
