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Petroleum ministry faces $8bn judgment liability

Minister of State for Petroleum Resources, Dr. Ibe Kachikwu

The Federal Government is at the risk of coughing out over $8bn to litigants over disputed “contractual and statutory obligations” by the Ministry of Petroleum Resources, The PUNCH learnt on Sunday.

In a particular suit before the London Court of International Arbitration, litigants are making claims of $8bn.

In a bid to escape payment of the liability, forensic and legal experts have been hired to defend the ministry.

“English lawyers were engaged in this regard,” a 2017 budget document the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, submitted to the House of Representatives, stated.

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