Monday, October 26, 2020

Interocean Oil: FG wins victory in US court, Released from $ 1.5 billion liability

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… was awarded an arbitration cost of $ 660 thousand

President Muhammadu Buhari and AGF Abubakar Malami

By Ikechukwu Nnochiri – Abuja

The International Center for Settlement of Investment Disputes, ICSID, based in the United States of America, ordered Interocean Oil Development Company and Interocean Oil Exploration Company to pay a cost of $ 660,129.87 to the Federal Republic of Nigeria.

The Federation’s Attorney General and Minister of Justice, Mr. Abubakar Malami, SAN, who made the disclosure in a statement on Wednesday, said that the court headed by Professor William Park also released Nigeria from liability of $ 1.5 billion. .

The ruling followed an arbitration case that the multinational oil company filed against Nigeria in 2013.

The dispute bordered on an alleged breach of contract in an oil exploration and production joint venture.

Malami, in the statement signed by his media assistant Dr. Umar Gwandu, said that the court, in a ruling it issued on Tuesday, absolved the Nigerian Federal Government of any responsibility.

It said the court found that Nigeria did not breach any of its obligations in the contractual agreement with Interocean Development Company and Interocean Oil Exploration Company.

According to the statement, “The oil companies that have Mr. Olasupo Shasore, SAN among their legal team, requested, among others, relief from the Court that ordered the Federal Government of Nigeria, its latrines and relevant instrumentalities to pay aggravated damages in an amount of being proven during these arbitration proceedings that the Claimants estimate more than US $ 1.5 billion (one thousand five hundred million US dollars) ”.

“The Tribunal finds no responsibility on the part of the Respondent in relation to the Claimants’ loss of control over their investment, Pan Ocean,” the Judgment reads in part.

Malami described the ruling as an addition to multiple successful cases that the Federal Ministry of Justice has recorded in international litigation.

The AGF said it was committed to fulfilling its constitutional mandates in a patriotic and relentless manner in the best interest of the nation and the general public, saying that “an era of collusion to deprive the nation of its resources to gratify ulterior motives had passed. of vested interests in the spending of the population of Nigeria ”.

He said the court awarded $ 660,000 as reimbursement to Nigeria to cover the cost it incurred in the arbitration proceedings.

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