By Wale Abydeen//A Federal high sitting in Lagos has Consolidated a Suit challenging execution of an award and the Federal Government’s Application for Enforcement of the Award
Justice Ayokunle Faji set down the hearing of the Federal Government of Nigeria’s suit for the Enforcement of its Arbitral Award against two International Oil Companies (IOCs) – Atlantic Energy Drilling Concept Nigeria Limited and Atlantic Energy Brass Development Limited till January 22, 2020.
At the reaume of hearing onTuesday for hearing, Counsel to the Federal Government of Nigeria, Professor Fabian Ajogwu, SAN notified the Court that the Federal Government was ready to make its case before the Court. He observed that the matters at hand were extremely important and ought to be heard timeously, as the Government of the Federation had been needlessly deprived of revenues that were due to it for over four years.
It should be recalled that sometime in August 2015, the IOCs in question had taken the
Federal Government of Nigeria to Arbitration over alleged breaches of contract.
However, their claim failed and the Federal Government, through its Counsel, Professor
Fabian Ajogwu, SAN, obtained a landmark Arbitral Award to the tune of around $1.7bn
against the said IOCs for their failure to remit funds due to the Federal Government of
Nigeria from crude oil operations on the Brass and Forcados assets.
Whilst taking cognisance of the submissions of Counsel to the Federal Government, justice Faji directed the IOCs to respond to the Federal Government’s court processes
for the Enforcement of the Award (which were served on them since July 2019) and
thereafter adjourned the matter to January 22, 2020 for hearing.
Efforts by our correspondent to speak the lawyer who represented Atlantic Energy
Drilling Concepts Nigeria Limited and Atlantic Brass Development Limited proved
abortive as she left the Court premises immediately after the case was adjourned.