Attorney-General of the Federation and Minister of Justice, Abubakar Malami, says a United States-based tribunal, has ordered InterOcean Oil Company to pay the Federal Government of Nigeria $660,129 as reimbursement of its share of the arbitration costs.
Malami, through a statement issued by his Special Assistant on Media and Public Relations, Umar Gwandu, said the U.S.-based International Centre for Settlement of Investment Dispute headed by William Park ordered InterOcean to pay the costs.
According to the AGF, the tribunal also absolved the Federal Government of Nigeria from any liability, maintaining that the West African nation did not breach any of its obligations in the contract agreement with InterOcean Development Company and InterOcean Oil Exploration Company.
The tribunal also held that Nigeria did not breach any Nigerian law or international law.
Malami described the judgment as an addition to the multiple success stories recorded in international litigations by the Federal Ministry of Justice.
The minister noted that gone is such an era of “connivance to deprive the nation of its resources for gratifying ulterior motives of vested interest at the expense of the Nigerian populace.”
“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.
The oil companies had requested, among others, relief from the tribunal directing the Federal Government of Nigeria, its relevant privies and instrumentalities to pay $1.5 billion damages.