Inter-ocean Oil: FG Relieved Of $1.5 Billion Liability, Gains $660,000

US-based International Centre for Settlement of Investment Dispute Tribunal, headed by Professor William Park has ordered Inter Ocean to pay the Federal Government of Nigeria $660,129.87 as reimbursement of its share of the arbitration cost incurred in the proceedings.

The tribunal also absolved the Federal Government of Nigeria from any liability as Nigeria did not breach any of its obligations in the contract agreement with Inter Ocean Development Company and Inter-Ocean Oil Exploration Company.

Dr Umar Gwandu, the Special Assistant on Media and Public Relations to the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN) said in a statement on Wednesday that the oil companies that has among its legal team, Mr Olasupo Shasore (SAN) requested for an order of the tribunal directing the Federal Government of Nigeria, its relevant privies and instrumentalities to pay aggravated damages in an amount to be proven during the arbitral proceedings which the claimants estimated to be at in excess of $ 1.5 billion.

Gwandu said in the tribunal, in its judgment found out that the Federal of Government of Nigeria did not breach its obligations towards the claimants under 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 judgment reads in part.

The AGF, in his reaction, described the judgment as an addition to the multiple success stories recorded in international litigations by the Federal Ministry of Justice.

Malami who renewed his commitment to patriotically and relentlessly discharge his constitutional mandates in the best interest of the country and the general public said, gone was the era of connivance to deprive the nation of its resources for gratifying ulterior motives of vested interest at the expense of the Nigeria populace.

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