The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, on Wednesday, welcomed the judgment of a United States-based tribunal, which ordered InterOcean Oil Company to pay the Federal Government $660,129 as reimbursement of its share of the arbitration costs.
The International Centre for Settlement of Investment Dispute headed by Prof. William Park, ordered the company to pay the federal government $660,129.
The tribunal held that the federal government did not breach its obligations towards the claimants under the Nigerian or 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 read.
It also absolved the federal government from any liability, insisting 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 issued by Dr. Umar Gwandu, his Special Assistant on Media and Public Relations, Malami, described the judgment as an addition to the multiple success stories recorded in international litigations by the Ministry of Justice.
He promised to discharge his constitutional mandates in the best interest of the nation and general public, adding gone was 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.