Court Dismisses FG’s $55m Debt Recovery Suit Against Agip Oil.
A Federal High Court sitting in Lagos on Wednesday dismissed a $55million debt recovery suit filed by the Federal Government of Nigeria against Agip Oil Company Limited.
Specifically, the FG accused Agip of under-declaring the volume of crude oil it shipped out of the country between January 2011 and December 2014.The government also asked the court to compel the oil firm to pay the said sum, with an annual interest rate of 21 percent. Delivering judgment today, Justice Olatoregun said the issue for determination was whether the Federal Government succeeded in proving its case to entitle it to a grant of the reliefs sought.
“While I do not have any evidence to suggest that it is impossible for the defendant to carry undeclared crude oil from Nigeria, i have no evidence to show that MT Cosmos carried excess 500,000 barrels of crude oil with same bill of lading,” she held
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