The US-Based International Centre for Settlement of Investment Dispute, ICSID, headed by Prof William Park, has ordered InterOcean to pay the Federal government of Nigeria USD $660,129.87, as reimbursement of its share of the arbitration costs incurred in the proceedings.
This is contained in a statement by the spokesperson of the Minister of Justice Dr Umar Gwandu, made available to ASHENEWSONLINE on Wednesday.
According to the statement, the tribunal also absolved Nigeria of any liability, further maintaining that Nigeria did not breach any of its obligations in the contract agreement with InterOcean Development Company and InterOcean Oil Exploration Company.
The oil companies, which have among its 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.
The statement further said in the judgment, which was delivered on Tuesday, the Tribunal found that Nigeria did 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 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.
