The US-Based International Centre for Settlement of Investment Dispute headed by Professor William Park ordered InterOcean to pay the Federal Government of Nigeria US$660,129.87 as reimbursement of its share of the arbitration costs incurred in the proceedings.
The Tribunal also absolves the Federal Government of Nigeria from any liability maintaining that Nigeria did not breach any of its obligations in the contract agreement with Interocean Development Company and InterOcean Oil Exploration Company.
This is contained in a statement issued on Wednesday in Abuja by Dr. Umar Jibrilu Gwandu, Special Assistant on Media and Public Relations, Office of the Attorney General of the Federation and Minister of Justice.
The oil companies that had among their legal team, Mr. Olasupo Shasore, SAN requested, among others, relief from the Tribunal directing the Federal Government of Nigeria, its relevant privies and instrumentalities to pay aggravated damages in an amount to be proven during these arbitral proceedings which the Claimants estimate at being in excess of US$ 1.5 billion.
According to the statement, the judgment which was delivered Tuesday, the Tribunal found that the Federal of Government of Nigeria has not breached its obligations toward Claimants under Nigerian law or under international law.
“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.
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 Federal Ministry of Justice.
Malami, who renewed commitment to patriotically and relentlessly discharge his constitutional mandates in the best interest of the nation and general public, said gone was 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.
