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Davidson Iriekpen The Supreme Court yesterday upheld the appeal filed by a Norwegian oil firm, Statoil Nigeria Limited (now Equinox Nigeria Limited), against the judgment of the Federal High Court in Lagos which ordered it to pay an indigenous company, Inducon Nigeria Limited and its promoter, Dr. John Abebe 1.5per cent net profit interest accruable to it from the three oil blocks allocated to them for bringing it to Nigeria to explore oil resources. In a unanimous decision, the apex court agreed with Statoil that the Federal High Court did not have jurisdiction to hear the case in 2010. The ...

By Emmanuel Addeh Equinor ASA has said the Nigerian Supreme Court overturned a ruling that had threatened to divert 1.5 per cent of the company’s profits from one of the country’s largest oil fields to a former consultant. The Supreme Court decision that the lower court had no jurisdiction over the case should conclude a dispute that has played out in the West African nation for more than a decade, Equinor spokesman Erik Haaland said. “We are pleased with the court’s decision, which is in line with our position,” he said in an emailed statement. Bloomberg reported that John Abebe, t...

Equinor Says It Wins Nigeria Case Over Agbami Oil Profits William Clowes, Bloomberg News      , Photographer: Simon Dawson/Bloomberg (Bloomberg) -- Equinor ASA said the Nigerian Supreme Court overturned a ruling that had threatened to divert 1.5% of the company’s profits from one of the country’s largest oil fields to a former consultant. The Supreme Court ruling Friday that the lower courts had no jurisdiction over the case should conclude a dispute that has played out in the West African nation’s courtrooms for more than a decade, Equinor spokesman ...

Equinor wins decade-long court fight over Nigeria oil profits By William Clowes on 2/5/2021 (Bloomberg) --Equinor ASA said the Nigerian Supreme Court overturned a ruling that had threatened to divert 1.5% of the company’s profits from one of the country’s largest oil fields to a former consultant. The Supreme Court ruling Friday that the lower courts had no jurisdiction over the case should conclude a dispute that has played out in the West African nation’s courtrooms for more than a decade, Equinor spokesman Erik Haaland said. “We are pleas...

2 Min Read LAGOS (Reuters) - Nigeria’s Supreme Court ruled in favour of Norwegian oil company Equinor in a long-running case over profit from its stake in the Agbami oilfield, a company spokesman said on Friday. FILE PHOTO: Equinor's flag in Stavanger, Norway December 5, 2019. REUTERS/Ints Kalnins//File Photo The ruling ends legal proceedings, spokesman Erik Haaland said. It alleviates more than 10 years of legal uncertainty for Equinor and gives it more flexibility in how it handles the millions of dollars a day generated by its share in the field. The court ruled that the lower courts did...