Nigerian lawyer Rotimi Oguneso, known for his close ties to President Bola Tinubu, reportedly earned $170,000 in legal fees for his role in an arbitration case that resulted in a $70 million judgment against Nigeria. Oguneso, a prominent lawyer who defended Tinubu at the presidential election petitions tribunal in 2023, was nominated by Nigeria to serve on the arbitration panel.
The arbitration was triggered by a dispute between Zhongshan Fucheng Industrial Investment Ltd. and the Ogun State government over a canceled free trade zone agreement. The panel, which Oguneso was part of, ultimately ruled in favor of Zhongshan.
The arbitration panel consisted of Oguneso, representing Nigeria, and Matthew Gearing, a UK lawyer nominated by Zhongshan. David Neuberger, former president of the UK Supreme Court, chaired the three-member panel.
The arbitration concluded on March 26, 2021, with Zhongshan being awarded $55,675,000 plus $9,400,000 in interest and £2,864,445 in costs. The total cost for the arbitration panel was £549,655, with Nigeria responsible for covering the majority of this amount. Zhongshan paid £295,000, while Nigeria paid £195,000 and was ordered to reimburse Zhongshan.
Oguneso’s earnings from the case amounted to $170,000, while Gearing received $155,000, and Neuberger earned $273,000. The panel’s unanimous decision held Nigeria liable and awarded the $70 million judgment, which continues to accrue two percent monthly interest.
Despite Nigeria’s attempts to claim sovereign immunity to avoid payment, courts in France, Canada, and the UK have permitted the enforcement of the judgment. Zhongshan has already begun seizing Nigerian assets in these countries as part of the enforcement process.
Nigerian officials, including former Ogun State Governor Ibikunle Amosun, have dismissed the ruling as weak and unenforceable, arguing there is no basis for negotiation.
Discussion about this post