Abubakar Malami, the Minister of Justice and Attorney-General of the Federation (AGF) has disclosed that a US-based International Centre for Settlement of Investment Dispute has absolved Nigeria of a $1.5 billion suit by InterOcean Oil Company.
Malami made this known in a statement on Wednesday signed by Umar Gwandu, the Special Assistant on Media and Public Relations, Office of the Minister of Justice.
The tribunal 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 tribunal finds no liability on the part of Respondent in connection with Claimants’ loss of control over their investment, Pan Ocean,” the statement quoted part of the judgment.
According to the statement, William Park, the Head of the U.S. based tribunal ordered InterOcean Oil Company to pay the Federal Government of Nigeria $660,129 as reimbursement of its share of the arbitration costs.
Gwandu said the judgment was an addition to the multiple success stories recorded in international litigations by the Federal Ministry of Justice.
According to NAN, a former Attorney General of Lagos State, Olasupo Shasore is among the legal team of the oil companies that requested the Nigerian Government to pay $1.5 billion damages.
The ICIR had reported how Shasore compromised Nigeria’s case against Process and Industrial Development (P&ID), a British engineering firm that has engaged the federal government in a legal tussle for years.
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