The Federal Government says it has been relieved of One Billion Five hundred Million United States dollars ($1.5 billion) liability and as well gained Six-hundred and sixty thousand one hundred and twenty nine and eighty seven cents US dollars ($660,129.87) in the Inter-Ocean Oil vs FG dispute.
Dr Umar Gwandu, the Special Assistant on Media and Public Relations to the Attorney General of the Federation disclosed this in a statement on Wednesday in Abuja.
Gwandu said that a US-based International Centre for Settlement of Investment Dispute headed by Prof. William Park ordered Inter-Ocean Oil Company to pay the federal government Six-hundred and sixty thousand one hundred and twenty nine and eighty seven cents US dollars ($660,129.87) as reimbursement of its share of the arbitration costs incurred in the proceedings.
“The tribunal also absolved the federal government from any liability, maintaining that Nigeria did not breach any of its obligations in the contract agreement with Inter-Ocean Development Company and Inter-ocean Oil Exploration Company.
“The oil companies that has among its legal team, Mr Olasupo Shasore, SAN requested, among others, relief from the tribunal that the federal government, its relevant privies and instrumentalities to pay aggravated damages in an amount to be proven during these arbitral proceedings which the Claimants estimate at being in excess of One Billion Five hundred Million United States Dollars ($ 1.5 billion),’’.
According to him, `the tribunal finds that the federal government of Nigeria has not breached its obligations toward the Claimants under the Nigerian law or under international law.
“The tribunal finds no liability on the part of the respondent in connection with the claimants’ loss of control over their investment, Pan Ocean,” the Judgment reads in part.
Commenting on the development, the Attorney-General of the Federation and Minister of Justice, Abubakar Malami,SAN described the judgment as an addition to the multiple success stories recorded in international litigations by the ministry.
Malami who renewed commitment to patriotically and relentlessly discharge his constitutional mandates in the best interest of the nation and general public said that gone are 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.
