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ARTICLE · 15 OCTOBER 2020

Volterra Fietta Client Nigeria Defeats Multi-billion Dollar Arbitration Claim At ICSID

Volterra Fietta
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Volterra Fietta has won a complete and decisive victory for its client the Federal Republic of Nigeria in a recent investment arbitration.

United KingdomLitigation, Mediation & Arbitration
Robert G. Volterra
Robert G. Volterra
Alvaro Nistal
Alvaro Nistal

Volterra Fietta has won a complete and decisive victory for its client the Federal Republic of Nigeria in a recent investment arbitration. Nigeria faced claims from foreign oil companies for billions of dollars in compensation, in an arbitration at ICSID. Nigeria's legal team, in which Volterra Fietta co-counselled with Nigerian law firm Afe Babalola & Co and US law firm Rameau International Law, defeated the claims and even obtained an order that the Claimants reimburse Nigeria's arbitration costs.

The Award in Interocean Oil Development Company and Interocean Oil Exploration Company v. Federal Republic of Nigeria (ICSID Case No. ARB/13/20) was issued on 6 October 2020. In it, the Arbitral Tribunal rejected the entirety of the Claimants' claims on the merits and awarded Nigeria its arbitration costs.

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