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The Supreme Court of the United Kingdom, in a unanimous judgment, has granted a reprieve to the Nigerian National Petroleum Corporation over a $100m bank guarantee in a case involving the corporation and a service company, IPCO (Nigeria) Limited.
The reprieve, according to a statement by the corporation on Tuesday, was the latest in the protracted dispute arising from the contract between the NNPC and IPCO for the construction of the Bonny Export Terminal project in Port Harcourt, Rivers State.
IPCO had referred its claims to arbitration in Nigeria and obtained an arbitral award of $154m in 2004, with annual interest running at 14 per cent, leaving the NNPC with no option than to challenge the award at the Federal High Court in Lagos.
The Group Managing Director, NNPC, Dr. Maikanti Baru, said he was delighted about the new development, commending the efforts of the legal team that secured judgment in favour of the corporation.
