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$1.5bn liability: Malami welcomes U.S tribunal judgment awarding Nigeria $660,000 relief

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Rayyan Alhassanhttps://dailynigerian.com/author/rayyan/
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or www.facebook.com/RayyanAlhassan, or @Rayyan88 on Twitter.
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The Minister of Justice, Abubakar Malami, on Wednesday welcomed the judgment by the U.S-Based International Centre for Settlement of Investment Dispute which ordered InterOcean Oil Company to pay the Federal Government $660,129 as reimbursement of its share of the arbitration costs.

The tribunal, headed by Prof. William Park, 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.

Mr Malami, in a statement issued by his spokesman, Dr Umar Gwandu, described the judgment as an addition to the multiple success stories recorded in international litigations by the Federal Ministry of Justice.

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The minister renewed commitment to patriotically and relentlessly discharge his constitutional mandates in the best interest of the nation and general public 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 of 1.5 billion dollars.

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“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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