InterOcean Oil Deal: US tribunal relieves FG of $1.5b liability

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The International Centre for Settlement of Investment Dispute has relieved Nigeria of $1.5 billion and awarded an arbitration cost of $660,000. This was disclosed in a statement issued on Wednesday from the office of the Attorney-General of the Federation and Minister of Justice, Abubakar Malami.

According to the statement, the tribunal has absolved Nigeria from any liability, noting that the country did not breach her obligations in the contract agreement with Interocean Development Company and Interocean Oil Exploration Company under the Nigerian law or under international law.

“The tribunal finds no liability on the part of the respondent in connection with claimants’ loss of control over their investment, pan-ocean,” the statement read in part.

Mr Malami 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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