US court upturns $2.7b payment against NNPC
The United States Southern District Court of New York has delivered a significant judgment in favour of the Nigerian National Petroleum Corporation against ESSO Exploration and Production Nigeria Limited and Shell Nigerian Exploration and Production Company Limited .
Notwithstanding the decision of the Nigerian Court, ESSO applied to the United States District Court, Southern District of New York for the recognition and enforcement of the Arbitral Award. NNPC also contended that there was no legal basis for the US Court to exercise jurisdiction over it as it had no presence in the United States, owned no property and does not conduct its businesses therein.
On September 4, 2019, the US Court delivered its Judgment by which it upheld the Corporation’s Application to Dismiss ESSO’s Enforcement Application on ground that a competent Nigerian Court had set aside the underlying Award and directed the Clerk of the Court to terminate and discontinue all motions and processes filed by ESSO in this matter.
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