Market Chatter: Equinor Wins Case as Nigerian Supreme Court Rules Lower Court Didn't Have Jurisdiction in Decade-Old Suit
01:10 PM EST, 02/05/2021 (MT Newswires) -- Equinor (EQNR) has prevailed in a decade-old case with a former consultant over profits from the oil company's stake in the Agbami oilfield in Nigeria, Bloomberg reported Friday, citing a company spokesman.
John Abebe, the consultant, sought 1.5% of the company's profit from its 20.2% stake in the 130,000 barrel per day Agbami field. The Nigerian Supreme Court has now ruled that a lower court did not have jurisdiction over the case and overturned that ruling, according to the report.
Abebe is also facing trial in a separate case over allegations he forged documents submitted as evidence in his original claim.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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