WAV, STG Sign Settlement Agreement

The over two years of dispute between the West African Ventures (WAV), a 100 per cent Nigerian company and Sea Truck Group (STG), a British Virgin Island company, has finally ended through a commercial settlement.

WAV and STG had been engaged in a protracted commercial dispute that resulted in several court and arbitration actions in Nigeria and outside Nigeria until the Nigerian Content Development and Monitoring Board (NCDMB) and the National Petroleum Development Management Services (NAPIMS) mediated and facilitated a commercial settlement rather than a legal resolution between the parties.

The settlement agreement, which provided for satisfaction of limited conditions, was formalised on Tuesday at the agreement signing ceremony chaired by the Executive Secretary of NCDMB, Mr. SimbiWabote, thereby bringing the settlement agreement to a conclusion.

In his remarks, Wabote commended the amicable resolution of the dispute, saying it is 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 that will create a lose-lose for everybody.

“So, if businesses see people with integrity and reputation, that they want to bring in to enable them settle any of their rift, they should bring those people in and be able to sit round the table and iron out their individual differences rather than resorting to legal battles that will last forever. So, my advice to businesses that are in conflict is to create the opportunity to dialogue because for every problem there is solution.”

Wabote pointed out that the significance of the peace agreement and the decision to work together amicably was to correct the impression outside the country where people believe that coming to invest in Nigeria as an international business would only leave people to losing their investment and assets.