A Federal High Court sitting in Lagos has fixed April 30, 2019, to deliver judgment in a $55 million debt recovery suit filed by the Federal Government of Nigeria against Agip Oil Company Ltd.
The court reserved its judgment after the counsel representing both parties had respectively adopted their final addresses before the court.
This suit, filed since 2016 is one among other suits by the Federal Government, seeking to recover almost $12 billion in missing crude oil revenue from some international oil companies.
There are similar lawsuits pending against Total E&P Nigeria Plc and Chevron Nigeria Limited by the Federal Government.
In the suit, the Federal Government accused Nigeria Agip Oil Company Limited of under-declaring the volume of crude oil it shipped out of the country between January 2011 and December 2014.
According to the Federal Government, the oil giant short-changed it to the tune of $55m. The government is praying the court to compel the oil firm to pay the $55m with an annual interest of 21 percent.
It also wants the court to award another $55m against Agip as exemplary damages. The government said the lawsuits followed a forensic analysis linking the decline in crude oil export and government revenue at the time to the alleged under-declaration of the volume of crude oil shipped out of the country by the oil companies.
The Federal Government claimed to have uncovered the alleged illegality using high-tech Information Technology system, including satellite tracking systems, which were deployed by its consultants.
Meanwhile, the court has also reserved judgment to April 30, in a similar suit by the Federal Government against Bras Oil, after parties had also respectively adopted their final arguments before the court.