$1.5bn claim: U.S Tribunal Awards FG $660K against InterOcean Oil
A tribunal in the United States has award Nigeria total sum of $660,129 in a $1.5 billion liability claim by InterOcean Oil Company.
The Tribunal also absolves the Federal Government of Nigeria from any liability.
It maintained that Nigeria did not breach any of its obligations in the contract agreement with Interocean Development Company and InterOcean Oil Exploration Company.
In its judgment, the tribunal orders InterOcean Oil Company to pay the Federal Government the sum as reimbursement of its share of the arbitration costs.
Responding to the development, the Minister of Justice, Abubakar Malami, on Wednesday welcomed the judgment.
The U.S.-Based International Centre for Settlement of Investment Dispute headed by Prof. William Park made the pronouncement.
The tribunal 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.
In a statement issued by Dr Umar Gwandu, Special Assistant on Media and Public Relations, Office of the Minister of Justice in Abuja, Malami, described the judgment as an addition to the multiple success stories recorded in international litigations by the Federal Ministry of Justice.
Malami renewed commitment to patriotically and relentlessly discharge his constitutional mandates in the best interest of the nation and general public.
He said gone was such an era of connivance to deprive the nation of its resources for gratifying ulterior motives of vested interest at the expense of the Nigeria populace.
The tribunal held that the federal of government of Nigeria did not breach its obligations towards the claimants under Nigerian law or under international law.
The oil companies that has among its legal team, 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 put at 1.5 billion dollars.
“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.
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$1.5bn claim: U.S Tribunal Awards FG $660K against InterOcean Oil
