LONG THREAD ALERT!

Please read slowing.
Slooowly.

The Federal High Court in Lagos on Monday upheld a landmark $1.7billion arbitral award in favour of the Nigerian Petroleum Development Co. (NPDC) Ltd against the Atlantic Energy Drilling Concepts Nig. Ltd and Atlantic Energy Brass Development Ltd.
Justice A. Faji dismissed Atlantic Energy’s application to set aside the Arbitral Award of March 5, 2020.
He upheld the submissions of NPDC lead counsel Prof Fabian Ajogwu SAN and granted orders recognising the $1.7bn Arbitral Award as well as for leave to enforce same as a judgment of the Federal High Court.
This landmark decision upholds one of the single largest Awards ever in a Nigerian Arbitration.
Sometime in August 2015, Atlantic Energy, through its lawyer, T. Fagbohunlu SAN, took the NNPC to arbitration for alleged breach of contract.
NPDC in response, filed a counter-claim for funds due to the Federal Government on account of crude oil sales from the Oil Mining Leases (OMLS) 26, 30, 34, 42, 60, 61, 62 and 63 (known as ‘Brass and Forcados assets’) without payment of remittances due.
NPDC also sought the recovery of unpaid net approved cash calls in respect of the OMLs.

On March 5, 2019, the Arbitral Tribunal in agreeing with Ajogwu’s arguments, delivered a landmark Arbitral Award of $1.7bn in the NPDC’s favour.
It ordered Atlantic Energy pay the $1.7bn to NPDC as the value of the 55 per cent crude oil portion of the Federal Government taken and sold by Atlantic but not remitted to NNPC.
Atlantic Energy (Award debtors) sought an Order of Court to set aside the arbitral award delivered in favour of NPDC because the Arbitral Tribunal allegedly misconducted itself by wrongfully assuming jurisdiction over NPDC’s Counter-Claim,
and dismissing their preliminary objection to the said Counter-Claim.

NPDC, at the same time, sought for an Order of Court to recognise and enforce the arbitral award.
In upholding Ajogwu’s submissions,
Justice A. Faji of the Federal High Court, held that NPDC’s Counter-Claim in the Arbitration was distinct in all material respects from the suit referred to by the Award Debtors.
According to the Judge, as rightly argued by Ajogwu,, whilst the claim in suit 701 touched on criminal conversion/ diversion of revenue due to the Federation, the counter-claim to the Arbitration bordered on breach of the
Strategic Alliance Agreement between NPDC and the Award Debtors.

Accordingly, the Court dismissed the Award Debtors’ application to set aside the Arbitral Award.
This landmark decision settled the question of the impact of non-payment of signature fees on lifted crude oil as well as the principles of Unjust Enrichment in Crude oil lifting and recovery.
Furthermore, the significance of this Arbitration to Nigeria, which depends mostly on Crude oil for revenue generation and economic development is enormous for the Nigerian economy, which is heavily dependent on crude oil revenues.
https://t.co/kxvwYLsSPg

More from Law

This is what he wants to do.

No matter how this trial plays out, the US will remain divided between those who choose truth, Democracy, and rule of law and the millions who reject these things.

1/


The question is how to move forward.

My mantra is that there are no magic bullets and these people will always be with us.

Except for state legislatures, they have less power now than they have for a while.

2/

The only real and lasting solutions are political ones. Get Democrats into local offices. Get people who want democracy to survive to the polls at every election, at every level.

It’s a constant battle.

3/

Maybe I should tell you all about Thurgood Marshall’s life to illustrate how hard the task is and how there will be backlash after each step of progress.

4/

Precisely. That's why Thurgood Marshall's life came to mind.

We are still riding the backlash that started after the Supreme Court decision in Brown v. Board of Education.

That's why I keep saying there are no easy
A Call for Help!
1. we have a petition/open letter for the WHO
https://t.co/Bie8pUy7WJ
2. 372 people signed it but we want to boost it
3. I post link ascomment on related YT videos
Tks @KevinMcH3 for the tip
4. You can help by liking the comments
5. That will increase visibility!


6. Links for YT videos with comments are here
1. China curtails hunt for virus origins
https://t.co/NhcYdtsd2Y
2. China: nearly 500,000 may have been infected in Wuhan
https://t.co/KRUQ5hFrii
3. WHO becomes US-China battleground | DW Documentary
https://t.co/8ah8M8bpiB


4. Gravitas: The 'hidden hunt' for COVID-19 origins
https://t.co/hHhhUqgPYt
5. Seeking the invisible: hunt for origins of deadly Covid-19 coronavirus will take scientists to Wuhan
https://t.co/tCPQqjUZF3
6. WHO team to probe COVID-19 origins in

7. How forensic researchers track down origins of SARS-CoV2
https://t.co/r7A1lkr5li
8. Bats, roadblocks & the origins of coronavirus - BBC
https://t.co/Kh9jacC54t
9. New coronavirus strain is far more infectious and spreading among young - BBC

10. https://t.co/OcpAZ9nrl3
11. https://t.co/OcpAZ9nrl3
12. https://t.co/OcpAZ9nrl3
13. https://t.co/PhmoSfvbD8
14. https://t.co/TsvB7SYN2c
15. https://t.co/0o5YbmiUbJ
16. https://t.co/ir7QiwmlWt
17. https://t.co/PTT3KZDi8F
18.

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