The International Centre for Settlement of Investment Dispute in the United States of America has relieved Nigeria of a $1.5bn liability in connection with a contract agreement involving two oil firms, the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), said in a statement on Wednesday.
The statement issued on behalf of the AGF by his spokesperson, Umar Gwandu, stated that the tribunal headed by Prof William Park, had in its decision delivered earlier on Tuesday ruled that Nigeria did not breach any of its obligations in the contract.
It added that the tribunal ordered the two oil firms, Interocean Development Company and Interocean Oil Exploration Company, to pay the Federal Government of Nigeria the sum of $660,129.87 as reimbursement of Nigeria’s share of the arbitration costs incurred in the proceedings.
Reacting to the judgment, Malami described the judgment as an addition to the multiple success stories recorded in international litigation by the Federal Ministry of Justice.
