The almost two decade case involving the Nigerian National Petroleum Corporation, NNPC and a service company IPCO, Nigeria Limited has been decided in favor of the former by Supreme Court of the United Kingdom.
In a unanimous judgment, the apex court granted a reprieve to NNPC Nigerian over a $100million Bank guarantee in a case involving it and a IPCO (Nigeria) Limited.
Both parties had been in and out of the court since 2004, disputing the contract for the construction of the The almost two decade case involving the Nigerian National Petroleum Corporation, NNPC and a service company IPCO, Nigeria Limited has been decided in favor of the former by Supreme Court of the United Kingdom.
In a unanimous judgment, the apex court granted a reprieve to NNPC Nigerian in the $100million Bank guarantee case involving it and a IPCO (Nigeria) Limited.
Both parties had been in and out of the court since 2004, disputing the contract for the construction of the Bonny Export Terminal (BET) Project in Port Harcourt, Nigeria.
IPCO had referred its claims to arbitration in Nigeria and obtained an Arbitral Award of US$154 million in 2004, with annual interest running at 14%, leaving NNPC with no option than to promptly challenge the award at the Federal High Court in Lagos.
NNPC Group Managing Director, Dr Maikanti Baru, said he was delighted on the new development, commending the efforts of the legal team that secured judgment in favor of the Corporation.
Dr Baru said no stone would be left unturned to extricate NNPC from encumbrances that may impede the Corporation’s access to hard earned funds, which are much needed to execute developmental projects by the various tiers of government in the country.
The UK law firm of Messrs. Stephenson Harwood LLP, and Nigerian law firms of Messrs. Babalakin & Co. and Messrs. Abdullahi Ibrahim & Co represented NNPC.
Export Terminal (BET) Project in Port Harcourt, Nigeria.
IPCO had referred its claims to arbitration in Nigeria and obtained an Arbitral Award of US$154 million in 2004, with annual interest running at 14%, leaving NNPC with no option than to promptly challenge the award at the Federal High Court in Lagos.
NNPC Group Managing Director, Dr Maikanti Baru, said he was delighted on the new development, commending the efforts of the legal team that secured judgment in favor of the Corporation.
Dr Baru said no stone would be left unturned to extricate NNPC from encumbrances that may impede the Corporation’s access to hard earned funds, which are much needed to execute developmental projects by the various tiers of government in the country.
The UK law firm of Messrs. Stephenson Harwood LLP, and Nigerian law firms of Messrs. Babalakin & Co. and Messrs. Abdullahi Ibrahim & Co represented NNPC.
