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NNPC saves Nigeria $5.48bn legal liabilities

Litigation Team bags Africa Arbitration Award

The Nigerian National Petroleum Corporation (NNPC), yesterday, declared that it saved Nigeria over $5.48 billion in legal liabilities. The litigation Team of the Corporation has, based on this feat, won the Leading Case Counsel Team of the 2020 Africa Arbitration Awards. Corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, in a statement, stated that the award was given to the NNPC Litigation Team in recognition of its stellar performance at the 8th Edition of the East African International Arbitration Conference (EAIC) which held in Nairobi, Kenya, recently, with participants joining in virtually.

At the conference which was aimed at promoting commercial arbitration and showcasing African lawyers and law firms which have performed well in arbitration practice, the NNPC Legal Team gave a presentation on the challenges and lessons learnt from arbitrations and the successes recorded. Among the successful arbitration cases showcased by the NNPC Legal Team at the conference were the IPCO (Nigeria) Vs. NNPC in respect of the dispute over the Bonny Export Terminal Project in which $367.5 million was saved after 13 years of litigation.

The cases also include ESSO E&P Nigeria Limited Vs. NNPC in respect of the dispute over the interpretation of the Production Sharing Contract (PSC) covering Oil Prospecting License (OPL) 209/Oil Mining Lease (OML) 133 in which the enforcement of $2.7 billion claim was dismissed. Other recent arbitration cases presented at the conference include: ESSO & Others Vs. NNPC in respect of alleged breaches in interpretation and implementation of the PSC covering OPL 222/OML 138 with over $380.141 million saved and the Atlantic Energy Group vs. NPDC in respect of allegation of wrongful termination of Strategic Alliance Agreements over eight OMLs resulting in the award of $1.6 billion in favour of NPDC.

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