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Tribunal Absolves Nigeria of Liability in $1.5 Billion Oil Field Claim

  • Dispute with government over oil block spans 22 years
  • Family of deceased Italian businessman sought damages
Updated on

Nigeria won a long-running arbitration battle over an oil field, avoiding the award of $1.5 billion in damages.

A tribunal at the Washington D.C.-based International Center for Settlement of Investment Disputes dismissed claims filed by the family of a deceased Italian businessman, Vittorio Fabbri, which alleged that Nigeria‘s government helped their father’s employee illegally seize control of his company after his death in 1998.