Good news for Nigeria as US tribunal orders oil firm to pay FG $660,000

Good news for Nigeria as US tribunal orders oil firm to pay FG $660,000

- Abubakar Malami has welcomed the judgment of a tribunal in the USA which favoured Nigeria

- The minister of justice said the victory has encouraged the Federal Ministry of Justice to continue to defend Nigeria’s interest

- The tribunal verdict absolved Nigeria from any contractual liability to the Interocean Oil Exploration Company

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Nigeria’s minister of justice, Abubakar Malami has hailed a tribunal judgment in the USA which ordered an oil firm to pay 660,129 US dollars (about N254m) to the federal government.

Premium Times citing the News Agency of Nigeria, reported that the minister in a statement on Wednesday, October 7, described the judgment as another success recorded by the Federal Ministry of Justice in international litigations.

FG records victory as US tribunal orders oil firm to pay Nigeria $660,000

Abubakar Malami is delighted by the verdict of the US tribunal. Photo credits: Abubakar Malami
Source: Twitter

He said the recent legal victory has renewed the commitment of his office to defend Nigeria against vested interest.

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This latest international legal victory was recorded after a US-based international centre for settlement of investment dispute ordered InterOcean to pay the federal government $660,129.

The tribunal headed by William Park also absolved the federal government of Nigeria from any contractual liability to the oil firm.

Justice Park ruled that Nigeria did not breach any of its obligations in the contract agreement with Interocean Development Company and Interocean Oil Exploration Company.

In another news report, a commercial court in London has ordered the release of the sum of $200 million to the Nigerian government.

The money had been paid as security in respect of the execution of the discredited P&ID $10 billion arbitral claims.

The CBN in a tweet on Tuesday, September 29, said the money will boost Nigeria's foreign exchange reserves.

Meanwhile, Nigeria's attorney-general, Abubakar Malami, has opened more cans of worms regarding the Process and Industrial Developments (P&ID) case.

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Speaking on Channels TV on Sunday, September 6, Malami said investigations by the Nigerian government has revealed that about $301 million was given as under-hand dealings to some persons.

He said the money was paid to cover up the illegality of the gas supply and processing deal.

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Source: Legit.ng

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