Abstract
In an Award dated 6 October 2020 (Award), the Tribunal in Interocean Oil Development Company and Interocean Oil Exploration Company v Federal Republic of Nigeria3 dismissed all the claims brought by two United States oil companies, Interocean Oil Development Company and Interocean Oil Exploration Company (Interocean), against Nigeria, and awarded arbitration costs to Nigeria. The Award confirms the possibility of bringing an investment claim for breach of customary international law based solely on a domestic investment statute. In doing so, the Award has not only expanded the potential scope of investment claims for foreign investors in Nigeria, especially for those who are not eligible for substantive protections under any investment treaties; it has also enriched investment arbitration jurisprudence. The Award is a landmark decision in Nigeria because it arose from the first investment arbitration instituted against Nigeria with a decision on the merits. Prior to the Interocean case, two...
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