This was disclosed in a statement issued by Mr Ndu Ughamadu, the Spokesman for the corporation, on Sunday in Abuja.
NNPC challenged the Award at the Federal High Court, Abuja, which in May 2012, ordered that the Arbitral Award be set aside. 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.
At the close of the Discovery Procedure, the Court ordered NNPC and ESSO to appear for oral hearing, which was held before Honourable Judge W. H. Pauley on February 1, for parties to canvass their respective positions. “By this development, NNPC has successfully secured the dismissal of ESSO’s application to secure recognition and enforcement of its Arbitral Award valued in excess of US$2,699,405,616 plus interest.
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