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Nairaland Forum / Nairaland / General / Politics / Nigeria escapes another $1.8bn arbitration award (13702 Views)
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Nigeria escapes another $1.8bn arbitration award by References: 9:01am On Sep 05, 2019 |
In a case that bears some resemblance to P&ID $9.6b claims against Nigeria, a U.S. judge on Wednesday rejected Exxon Mobil Corp’s and Royal Dutch Shell Plc’s effort to revive a $1.8 billion arbitration award against the Nigerian National Petroleum Corporation, NNPC. The case stemmed from a dispute over a 1993 contract to extract oil near Nigeria’s coastline. U.S. District Judge William Pauley in Manhattan cited public policy and due process considerations in deciding not to enforce the October 2011 award against Nigerian National Petroleum Corp (NNPC), which was subsequently set aside by courts in Nigeria. “While this court may have inherent authority to fashion appropriate relief in certain circumstances, exercising that authority to create a $1.8 billion judgment is a bridge too far,” Pauley wrote in a 50-page decision. The companies said last November that the award had grown to $2.67 billion, including interest. Exxon, Shell and their respective lawyers did not immediately respond to requests for comment. “NNPC is very pleased with the decision, and was always confident that there was no basis for a U.S. court to confirm the award,” its lawyer Cecilia Moss said in an interview. According to court papers, the 1993 contract anticipated that Exxon and Shell affiliates would invest billions of dollars to extract oil from the Erha field, about 60 miles (97 km) off Nigeria’s coast, and share profits with NNPC. But the affiliates, Esso Exploration and Production Nigeria Ltd and Shell Nigeria Exploration and Production Co Ltd, accused NNPC of unilaterally “lifting” more oil than was contractually allowed, at the behest of Nigeria’s government, depriving them of billions of dollars of oil. Pauley said Exxon and Shell still have “multiple appeals pending” in Nigeria, and rejected their argument that it might be difficult to collect there. Exxon and Shell “executed a contract in Nigeria with another Nigerian corporation containing an arbitration clause requiring any arbitration to be held in Nigeria under Nigerian law, and it then sought to confirm the award in Nigeria,” Pauley wrote. “[They] cannot now reasonably complain that [their] efforts to collect will be frustrated in Nigeria.” In an Aug. 7 regulatory filing, Exxon said it did not expect the case to materially affect its operations or financial condition. The case is Esso Exploration and Production Nigeria Ltd et al v Nigerian National Petroleum Corp, U.S. District Court, Southern District of New York, No. 14-08445. https://www.pmnewsnigeria.com/2019/09/04/nigeria-escapes-from-another-1-8b-arbitration-award/ 1 Like |
Re: Nigeria escapes another $1.8bn arbitration award by References: 9:02am On Sep 05, 2019 |
Thank God..... 16 Likes
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Re: Nigeria escapes another $1.8bn arbitration award by Sellfish(m): 9:22am On Sep 05, 2019 |
The Lawyers representing Nigeria in that case right now.... 12 Likes
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Re: Nigeria escapes another $1.8bn arbitration award by Chisaedhor: 9:22am On Sep 05, 2019 |
Re: Nigeria escapes another $1.8bn arbitration award by Dbiz1111(m): 9:22am On Sep 05, 2019 |
Re: Nigeria escapes another $1.8bn arbitration award by MANNABBQGRILLS: 9:22am On Sep 05, 2019 |
GOD SAVE NIGERIA! |
Re: Nigeria escapes another $1.8bn arbitration award by Nobody: 9:22am On Sep 05, 2019 |
Re: Nigeria escapes another $1.8bn arbitration award by softplaceng: 9:22am On Sep 05, 2019 |
nnice very nice |
Re: Nigeria escapes another $1.8bn arbitration award by Evaromantik(m): 9:22am On Sep 05, 2019 |
As Buhari never see money buy airtime call Southie presdo, na this kind bill im go afford? Thanks nu o 3 Likes |
Re: Nigeria escapes another $1.8bn arbitration award by abbaapple: 9:22am On Sep 05, 2019 |
Uuulalaaaaaa!! FTC 1 Like |
Re: Nigeria escapes another $1.8bn arbitration award by Sojebrand(m): 9:23am On Sep 05, 2019 |
post=81937544:Amen |
Re: Nigeria escapes another $1.8bn arbitration award by DrNueLpureHoney: 9:23am On Sep 05, 2019 |
Cool.....God is actually on our side. God bless Federal Republic of Nigeria. 1 Like |
Re: Nigeria escapes another $1.8bn arbitration award by chudez0147(m): 9:23am On Sep 05, 2019 |
Nearly can not kill a bird.. Thank goodness we dodged this one.. 1 Like |
Re: Nigeria escapes another $1.8bn arbitration award by Kendumazy(m): 9:23am On Sep 05, 2019 |
Mheeen |
Re: Nigeria escapes another $1.8bn arbitration award by pointstores(m): 9:23am On Sep 05, 2019 |
Nawa |
Re: Nigeria escapes another $1.8bn arbitration award by Ikpeazukerosene: 9:23am On Sep 05, 2019 |
Just so you know, Dieziani Jonathan's concubine was once a director in Shell. In 2006, she was appointed a director in Shell. She subsequently became a Minister under Jonathan. In 2011, Shell got that judgment against the NNPC. 10 Likes 1 Share |
Re: Nigeria escapes another $1.8bn arbitration award by sisisioge: 9:23am On Sep 05, 2019 |
Awon werey! 1 Like |
Re: Nigeria escapes another $1.8bn arbitration award by Afiahomes(m): 9:24am On Sep 05, 2019 |
Re: Nigeria escapes another $1.8bn arbitration award by MANNABBQGRILLS: 9:24am On Sep 05, 2019 |
Sojebrand:A BIG AMEN O! |
Re: Nigeria escapes another $1.8bn arbitration award by ednut1(m): 9:24am On Sep 05, 2019 |
NNPC/NPDC/NAPIM/FG own majority share(over 50%)of all oil blocks in nigeria. yet we are still poor 2 Likes |
Re: Nigeria escapes another $1.8bn arbitration award by Badonasty(m): 9:24am On Sep 05, 2019 |
References: lol...Dem wan finish Nigeria |
Re: Nigeria escapes another $1.8bn arbitration award by itsme01: 9:26am On Sep 05, 2019 |
PDP sold us to their western partners, thank God they had a fight because of Gay and Lesbian laws, if not they would have sold us off completely . 6 Likes |
Re: Nigeria escapes another $1.8bn arbitration award by ORIENTATION101: 9:26am On Sep 05, 2019 |
Ok |
Re: Nigeria escapes another $1.8bn arbitration award by vedaxcool(m): 9:26am On Sep 05, 2019 |
The criminal vultures are desperate to feast on our Foreign reserves 3 Likes |
Re: Nigeria escapes another $1.8bn arbitration award by frankmoney(m): 9:26am On Sep 05, 2019 |
Mehn.... Nigeria is not redeemable again . The corruption has eaten too deep . Every sector you must find one case of fraud |
Re: Nigeria escapes another $1.8bn arbitration award by larryking540: 9:28am On Sep 05, 2019 |
many people don't kw what to write, becus the news is just too strange to comprehend, dear blogger please try write out your our words and not lifting words completely from other sites as news for people 2 Likes |
Re: Nigeria escapes another $1.8bn arbitration award by Opinedecandid(m): 9:30am On Sep 05, 2019 |
Buhariiiiiiii |
Re: Nigeria escapes another $1.8bn arbitration award by StrikeBack(m): 9:30am On Sep 05, 2019 |
If you investigate the wealth of many wealthy Nigerians you'd be shocked. Nigeria is Corruption, Corruption is Nigeria 2 Likes |
Re: Nigeria escapes another $1.8bn arbitration award by PureFace1(m): 9:30am On Sep 05, 2019 |
These people want to feed on Nigeria reserves by all means 3 Likes |
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