Wale Igbintade
Justice S.B. Belgore of the Federal Capital Territory (FCT) High Court, Abuja, has nullified arbitration proceedings initiated at the International Chamber of Commerce (ICC), London, against indigenous energy firm, Aiteo Eastern E&P Company Limited, declaring the actions a violation of subsisting court orders.
The arbitration, which concerned the financing arrangements for Oil Mining Lease (OML) 29, estimated at over $2 billion, was set aside in its entirety for proceeding in defiance of injunctive orders issued by the court on January 21, 2021.