The Federal Government has welcomed the judgment of a United States of America Tribunal that ordered InterOcean Oil Company to pay the Federal Government $660,129 as reimbursement of its share of arbitration costs.
The Attorney General of the Federation and Minister of Justice, Abubakar Malami, stated the position of the Federal Government on the issue on Wednesday.
The US-based International Centre for Settlement of Investment Dispute, headed by Prof. William Park, ordered InterOcean to pay the Federal Government the sum.
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 InterOcean Development Company and InterOcean Oil Exploration Company.
In a statement by by his Special Assistant on Media and Public Relations, Dr. Umar Gwandu, 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.
The tribunal held that the Federal Government of Nigeria did not breach its obligations towards the 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.