US tribunal orders InterOcean to pay Nigeria $660000


The tribunal is headed by Prof. William Park gave the order on Wednesday, October 7, absolving the Nigerian government from any liability. It stated 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 Judgment reads in part.

Welcoming the  ruling, Abubakar Malami, minister of justice and attorney general of the federation, in a statement issued by Umar Gwandu, special assistant on Media and Public Relations, Office of the Minister of Justice in Abuja, described the judgment as an addition to the multiple success stories recorded in international litigations by the ministry.

Malami reiterated commitment to patriotically and relentlessly discharge his constitutional mandates in the best interest of the nation and general public.

According to him, gone are  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 News Agency of Nigeria reported that the oil companies that has among its legal team, Olasupo Shasore, SAN, requested, among others, relief from the tribunal directing the government, its relevant privies and instrumentalities to pay aggravated damages of $1.5 billion during these arbitral proceedings.

– Oct. 7, 2020 @ 11:56 GMT |

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