FG May Lose N7.58tn To Contract Disputes Damages - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (F.BA)
September 12, 2022
The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, announced that the Government had agreed to pay a foreign investor 496 million dollars about 212.3 billion naira, using the official exchange rate of 428 naira per dollar to settle a long-standing 5.26 billion dollars contractual dispute.
The government also added that the mediation proceedings were under the Alternative Dispute Resolution framework of the International Chamber of Commerce led by Phillip Howell-Richardson.
According to the government, the settlement agreement came into effect on 19 August 2022.