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WAV, STG settle row as NCDMB, NAPIMS intervene

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WAV, STG settle row as NCDMB, NAPIMS intervene

WAV, STG settle row as NCDMB, NAPIMS intervene
February 11
06:25 2019

WAV, STG settle row as NCDMB, NAPIMS intervene

Sea Trucks Group and West African Ventures Limited have resolved a protracted commercial dispute following the intervention of the Nigerian Content Development and Monitoring Board and the National Petroleum Investment Management Services.

The companies, according to a statement, reached a binding settlement agreement on November 13, 2018, after a period of extended negotiations.

A signing ceremony held on Tuesday in Lagos formalised the completion of the settlement agreement, which resolved all disputes between the parties and provided for an agreed allocation of vessels that were previously disputed by both parties.

The Executive Secretary, NCDMB, Mr Simbi Wabote, who chaired ceremony, commended the amicable resolution, describing it as a win-win for the two companies and the oil and gas industry.

He said, “In every business endeavour, there are disagreements and individual interests but the most important thing is having the mindset to settle through dialogue rather than getting through legal tussle that will last for a very long time and create a lose-lose  for everybody.

“The significance of the peace agreement and the decision to work together amicably going forward is to correct the impression outside the country where people believe that coming to invest in Nigeria as an international business will only leave you to lose your investment and assets. This shows we can amicably resolve our issues.

“STG is an international company while WAV is a local company; they had issues but they got the services of the NCDMB and NAPIMS and other mediators to be able to resolve it. So, there exists in the country mechanism to resolve issues like this between international and local companies.”

 

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