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British Virgin Island Firm And Nigerian Company Finally Resolved Dispute

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The Sea Trucks Group Limited (STG), a British Virgin Island company, and West African Ventures Limited (WAV) a 100 per cent Nigerian company, have resolved their dispute amicably.

 The settlement was made possible by the Nigerian Content Development and Monitoring Board, (NCDMB) and the National Petroleum Investment Management Services (NAPIMS) in Lagos.

 According to report, following a period of extended negotiations, both WAV and STG were able to reach a binding settlement agreement on the 13th of November 2018 which settled the issues between both parties resolved.

However, the Executive Secretary of NCDMB, Mr. Simbi Wabote who chaired the signing ceremony on February 12, 2019 in Lagos expressed delight over the development adding that both parties have a lot to gain from each other by settling the dispute.

He noted that every business has its disagreements and individual interests but it is better to resolve it amicably than make the dispute a thug of war which will not benefit both parties.

 According to him, the peace agreement and decision to work together amicably is to correct the impression outside the country where people believe that coming to invest in Nigeria as an international business will only leave investors to lose their investment and assets.

Meanwhile,the Managing Director of WAV, Mr. Michael Dumbi Amaeshike  has said that the agreement has brought great relief because West African Ventures Limited is vital to the oil and gas industry stressing that it has always provided marine services to the industry.

He also noted that there has been difficulty in rendering these services as a result of the rift between them.

Similarly, the Chief Executive Officer of Telford Offshore, the representative of STG, Mr Frase Moore said the amicable resolution of the dispute was significant to the industry and promised that the two firms will promote local content and capacity development.

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