Nigeria Wins Oil Investment Dispute In US.

Business Headlines

…Gets $660,000 Arbitration Cost.

By John Nwokocha Abuja

The United States of America-based International Centre for Settlement of  Investment Dispute has ordered the Inter Ocean to pay the Federal Government of Nigeria the sum of Six-hundred and sixty thousand one hundred and twenty nine United States Dollars and eighty- seven cents (USD 660,129.87) as reimbursement of its share of the arbitration costs incurred in the proceedings.

The Tribunal, headed by Professor William Park also absolves the Federal Government of Nigeria of 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.

Dr. Umar Jibrilu Gwandu, Special Assistant on Media and Public Relations, Office of the Attorney General of the Federation and Minister of Justice disclosed the development to New Narrative newspaper yesterday, in a statement, adding that the oil companies had through its legal team, led by 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).

Malami’s aide in the statement further disclosed that in handing the judgment, the  “Tribunal finds that the Federal of Government of Nigeria has not breached its obligations toward Claimants under Nigerian law or under international law”.

According to the judgement: “The Tribunal finds no liability on the part of Respondent in connection with Claimants’ loss of control over their investment, Pan Ocean”.

Reacting to the development, the Attorney-General of the Federation and Minister of Justice, Abubakar Malami,SAN describes the judgment as an addition to the multiple success stories recorded in international litigations by the Federal Ministry of Justice.

Malami stated that gone was the era of connivance to deprive the nation of its hard earned resources for gratifying ulterior motives of vested interests at the expense of the Nigeria populace.