Nigeria won a long-running arbitration battle over an oil field, avoiding the award of $1.5 billion in damages. A tribunal at the Washington D.C.-based International Center for Settlement of Investment Disputes dismissed claims filed by the family of a deceased Italian businessman, Vittorio Fabbri, which alleged that Nigeria‘s government helped their father’s employee illegally seize control of his company after his death in 1998. The decision “absolves the federal government of Nigeria from any liability,” Attorney General Abubakar Malami said in a statement Wednesday. Interocean Oil Development Co. and Interocean Oil Exploration Co., two Delaware-registered entities controlled by the Fabbri family, filed their case against Africa’s largest crude producer in 2013. The company at the heart of the conflict, Pan Ocean Oil Corp., was the operator of an onshore oil block from the 1970s until last year, when the Ministry of Petroleum Resources revoked the permit due to unpaid taxes. The Nigerian government took over all assets belonging to tycoon Festus Fadeyi, including Pan Ocean, in July, saying he owed 240 billion naira ($625 million) in debts. The Fabbri family used to own Pan Ocean through the Interocean companies.
More Stories
Establishing Manufacturing Nodes across the Continent and Leveraging on the AfCFTA
The Agritech Innovators Bringing Transformative Change to the Continent’s Green Economy
Women in Nigeria Lead the Charge in Plastic Waste Innovation
Tunisia’s President is Looking for Ways to Avoid a Bailout Package Worth nearly $2bn
A Decision that Brought Lagos to a Standstill
The European Union Engages African Nations to Secure the Supply of Vital Battery Minerals
The Unintended Consequence of Lusaka’s Decision to Allow Partial Withdrawal of Pensions
Ghana’s Economy and its IMF Engagements
Addis Ababa is Likely to Require a more Comprehensive Package of Debt Restructuring
Kenya’s Central Bank Parks Digital Currency Talk
One of Africa’s Most-celebrated Authors and Playwrights has Died Aged 81
Ethiopian Airliner Accused of Discrimination