Protection of Foreign Investment in Context

Khrushchev Ekwueme

doi:10.5771/9783845202907

Protection of Foreign Investment in Context

Nigeria's Investment Laws, Treaties and Petroleum Agreements

Reihe: Nomos Universitätsschriften - Recht

Band 496 1. Auflage 2007

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doi.org/10.5771/9783845202907
ISBN print: 978-3-8329-2233-7
ISBN online: 978-3-8452-0290-7
Nomos, Baden-Baden Nomos, Baden-Baden

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Zusammenfassung

Recht und Sicherheit von Eigentum unter nigerianischem und internationalem Recht sind Thema dieses Werkes, das sowohl theoretische als auch praktische Ansätze darstellt. Im Zeitalter der Globalisierung, in dem Afrika versucht, vom Privatsektor und marktgerechter Wirtschaft zu profitieren, gibt der Autor Investoren, Praktikern und Wissenschaftlern ein nützliches Hilfsmittel an die Hand.

Abstract

Recht und Sicherheit von Eigentum unter nigerianischem und internationalem Recht sind Thema dieses Werkes, das sowohl theoretische als auch praktische Ansätze darstellt. Im Zeitalter der Globalisierung, in dem Afrika versucht, vom Privatsektor und marktgerechter Wirtschaft zu profitieren, gibt der Autor Investoren, Praktikern und Wissenschaftlern ein nützliches Hilfsmittel an die Hand.

Kapitel Ausklappen | EinklappenAutorenSeiten
2–16 Titelei/Inhaltsverzeichnis 2–16
17–22 Abbreviations 17–22
23–24 Preface 23–24
25–25 Methodology 25–25
26–26 Aims of Study 26–26
27–29 Scope and Structure of the Study 27–29
30–47 Chapter One Property Guarantee under the 1999 Constitution 30–47
- 30–31 1.1. Introduction 30–31
- 31–46 1.2. Property Guarantee Provisions under the 1999 Constitution 31–46
  - 31–33 1.2.1. Right to Acquire and Own Immovable Property 31–33
  - 33–35 1.2.2. Constitutional Concept of Property 33–35
  - 35–40 1.2.3. Compulsory Acquisition or Possession 35–40
  - 40–44 1.2.4. Public Purpose Requirement 40–44
  - 44–46 1.2.5. Applicable Standard of Compensation 44–46
- 46–47 1.3. Conclusion 46–47
48–59 Chapter Two The Right of Property under International Law 48–59
- 48–48 2.1 Introduction 48–48
- 48–49 2.2 Concept of Property 48–49
- 49–51 2.3. The Right to Own Property 49–51
- 51–55 2.4. Property Guarantee under the African Charter 51–55
- 55–58 2.5. Right of Access to Court and the African Charter 55–58
- 58–59 2.6. Conclusion 58–59
60–86 Chapter Three The Taking of the Property of Foreign Investors 60–86
- 60–61 3.1 Introduction 60–61
- 61–62 3.2 Expropriation and Nationalization 61–62
- 62–71 3.3 Indirect Taking 62–71
  - 62–64 3.3.1. Creeping Expropriation 62–64
  - 64–65 3.3.2. Indirect Taking of Contractual Rights 64–65
  - 65–67 3.3.3. Annulment of Contract 65–67
  - 67–69 3.3.4. Deprivation of Managerial Control 67–69
  - 69–71 3.3.5. Forced Sale and Involuntary Transaction 69–71
- 71–76 3.4. Attributability 71–76
- 76–85 3.5. Regulatory Taking and Lawful Regulation 76–85
  - 76–78 3.5.1. Taxation 76–78
  - 78–79 3.5.2. Currency Regulation 78–79
  - 79–80 3.5.3. Cancellation of Licences or Permits 79–80
  - 80–85 3.5.4. Environmental Regulation 80–85
- 85–86 3.6. Conclusion 85–86
87–106 Chapter Four The Legal Conditions for Taking the Property of Foreign Investors 87–106
- 87–87 4.1. Introduction 87–87
- 87–89 4.2. Public Purpose 87–89
- 89–90 4.3. Non-discrimination 89–90
- 90–99 4.4. Compensation 90–99
  - 90–95 4.4.1 Discrete Expropriation 90–95
  - 95–99 4.4.2 Nationalization 95–99
- 99–105 4.5. State Practice regarding Compensation 99–105
  - 99–102 4.5.1. Resolutions of the U.N. General Assembly 99–102
  - 102–103 4.5.2. The Effect of Bilateral Investment Treaties 102–103
  - 103–104 4.5.3. Lump-sum Agreement 103–104
  - 104–105 4.5.4. Compensation Settlement Agreement 104–105
- 105–106 4.6. Conclusion 105–106
107–153 Chapter Five Investment Protection under Bilateral Investment Treaties 107–153
- 107–108 5.1. Introduction 107–108
- 108–110 5.2. The Emergence and Growth of Investment Treaties 108–110
- 110–111 5.3. The Preamble of Bilateral Investment Treaties 110–111
- 111–120 5.4. Scope and Application of Bilateral Investment Treaties 111–120
  - 111–114 5.4.1. Material Scope 111–114
  - 114–115 5.4.2. Personal Scope 114–115
  - 115–117 5.4.3. Definition of Corporate Investor 115–117
  - 117–119 5.4.4. Temporal Scope 117–119
  - 119–120 5.4.5. Territorial Scope 119–120
- 120–122 5.5. Admission and Approval of Investment 120–122
- 122–134 5.6. General Standard – Fair and Equitable Treatment and Full Protection and Constant Security 122–134
- 134–144 5.7. Basic Standards on Equality and Non-discrimination 134–144
  - 134–138 5.7.1. Most-favoured-nation Treatment 134–138
  - 138–143 5.7.2. National Treatment 138–143
  - 143–144 5.7.3. Exceptions and Limitations to the MFN and NT Standards 143–144
- 144–146 5.8. Compensation for Losses caused by War or Civil Disturbances 144–146
- 146–148 5.9. Protection against Expropriation, Nationalization and Indirect Taking 146–148
- 148–149 5.10. Monetary Transfer 148–149
- 149–151 5.11. Subrogation 149–151
- 151–153 5.12. Dispute Settlement Between the Contracting Parties 151–153
- 153–153 5.13. Conclusion 153–153
154–181 Chapter Six Protection of Investment under the NIPC Act 154–181
- 154–155 6.1. Introduction 154–155
- 155–162 6.2. Historical Background of the NIPC Act 155–162
  - 155–157 6.2.1. Colonial Era 155–157
  - 157–158 6.2.2. Post-Independence (1960-1971) 157–158
  - 158–160 6.2.3. The Period from 1972 to 1978 158–160
  - 160–162 6.2.4. The Period from 1979 to 1994 160–162
- 162–164 6.3. The Scope of the NIPC Act 162–164
- 164–165 6.4. Definition of Investment 164–165
- 165–166 6.5. The Relevance of Source of Investment 165–166
- 166–170 6.6. Admission Of Investment 166–170
- 170–173 6.7. Business Permits, Expatriate Quotas, Resident Permits and other Services 170–173
- 173–178 6.8. Investment Guarantees 173–178
  - 173–174 6.8.1. Guarantees against Expropriation and Nationalization 173–174
  - 174–175 6.8.2. Expropriation and Nationalization 174–175
  - 175–177 6.8.3. Public Purpose and National Interest 175–177
  - 177–178 6.8.4. Compensation 177–178
- 178–180 6.9. Currency Transfer 178–180
- 180–181 6.10. Conclusion 180–181
182–199 Chapter Seven Some Salient Issues on the Administration of Justice 182–199
- 182–183 7.1. Introduction 182–183
- 183–185 7.2. Right of Access to Court 183–185
- 185–186 7.3. The Right of a Foreign Corporation to sue in Nigeria 185–186
- 186–186 7.4. The Right to Make Claims in Foreign Currencies 186–186
- 186–189 7.5. Constitutionality of Pre-action Notices 186–189
- 189–191 7.6. Defence of Rule of Law 189–191
- 191–192 7.7. Delays occasioned by Adjournments 191–192
- 192–194 7.8. Enforcement of Monetary Orders of Court against the Government 192–194
- 194–198 7.9. Administrative Justice 194–198
- 198–199 7.10 Conclusion 198–199
200–219 Chapter Eight Protection of Foreign Investment in the Context of Petroleum Agreements 200–219
- 200–201 8.1. Introduction 200–201
- 201–204 8.2. State Ownership of Petroleum 201–204
- 204–205 8.3. Competent Authority 204–205
- 205–212 8.4. Meaning and Structure of a Stabilization Clause 205–212
  - 205–211 8.4.1. Autonomy of the Will versus Permanent Sovereignty over Natural Resources 205–211
  - 211–212 8.4.2. Legal Consequence of the Violation of a Stabilization Clause 211–212
- 212–214 8.5. Renegotiation 212–214
- 214–218 8.6. Relocalization of Nigerian Petroleum Agreements 214–218
- 218–219 8.7. Conclusion 218–219
220–243 Chapter Nine The Consent to Arbitration and the ICSID Jurisidiction 220–243
- 220–222 9.1. Introduction 220–222
- 222–226 9.2. Effect of ICSID Arbitration Clause in a BIT 222–226
- 226–230 9.3. Consent to ICSID’s Jurisdiction under Section 26(2) of NIPC Act 226–230
- 230–231 9.4. Jurisdictional Implication of Diplomatic Protection 230–231
- 231–233 9.5. The Requirement of Amicable Settlement 231–233
- 233–236 9.6. Personal Jurisdiction 233–236
  - 233–234 9.6.1. Standing of Natural Claimants 233–234
  - 234–236 9.6.2. Standing of Juridical Persons 234–236
- 236–238 9.7. Treatment of a Foreign Company as the National of another Contracting State 236–238
- 238–239 9.8. Requirement of Foreign Control 238–239
- 239–241 9.9. Constituent Subdivision or Agency 239–241
- 241–242 9.10. Material Jurisdiction 241–242
- 242–243 9.11. Conclusion 242–243
244–256 Chapter Ten Annulment, Recognition and Enforcement of ICSID Awards 244–256
- 244–244 10.1. Introduction 244–244
- 244–251 10.2. Grounds for Annulment 244–251
  - 244–250 10.2.1. Does an ad hoc Committee Possess Appellate Power? 244–250
  - 250–251 10.2.2. Can Abdication of Jurisdiction Constitute Manifest Excess Power? 250–251
- 251–252 10.3. Recognition of ICSID Awards for Enforcement 251–252
- 252–254 10.4. Distinction between Recognition and Enforcement: The Plea of Sovereignty 252–254
- 254–255 10.5. Immunity of Sovereign Assets from Execution 254–255
- 255–256 10.6. Conclusion 255–256
257–270 Chapter Eleven The Effects of the Investment Laws and Agreements on Investment Inflows 257–270
- 257–257 11.1. Introduction 257–257
- 257–259 11.2. Investment Inflows 257–259
- 259–269 11.3. Selected Constraints on the Inflow of FDI 259–269
  - 259–260 11.3.1. Political Instability, Civil Unrest and Religious Crisis 259–260
  - 260–264 11.3.2. Corruption, the Syndrome of »419« and Armed Robbery 260–264
  - 264–266 11.3.3. Inadequacy of Basic Social Amenities 264–266
  - 266–268 11.3.4. Administrative Barriers and Capacity Building Problems 266–268
  - 268–269 11.3.5. Monopoly 268–269
- 269–270 11.4. Conclusion 269–270
271–298 Chapter Twelve The Failed Attempt to Conclude a Multilateral Agreement on Investment: A Case Study 271–298
- 271–272 12.1. Introduction 271–272
- 272–275 12.2. The Case for MAI 272–275
- 275–276 12.3. The Case against MAI 275–276
- 276–277 12.4. Open-ended Definition of Investment 276–277
- 277–279 12.5. Definitional Approach 277–279
- 279–281 12.6. The Right of Establishment 279–281
- 281–284 12.7. Performance Requirements 281–284
- 284–286 12.8. Incentives 284–286
- 286–286 12.9. Fair and Equitable Treatment, Full Protection and Constant Security 286–286
- 286–288 12.10. Taking and Compensation 286–288
- 288–292 12.11. Dispute Settlement 288–292
  - 288–290 12.11.1. Appellate Review 288–290
  - 290–291 12.11.2. Overlapping Jurisdiction 290–291
  - 291–292 12.11.3. Judicial Restraint 291–292
- 292–294 12.12. General Exceptions 292–294
  - 292–293 12.12.1. Health and Welfare 292–293
  - 293–294 12.12.2. Environment 293–294
- 294–295 12.13. Temporary Safeguard Measures 294–295
- 295–297 12.14. After the OECD: Quo Vadis the MAI? 295–297
- 297–298 12.15. Conclusion 297–298
299–306 Chapter Thirteen Final Conclusion 299–306
307–312 Table of Cases 307–312
313–324 Bibliography 313–324
325–355 Appendices 325–355
- 325–332 A Nigeria-U.K. BIT of 11 December, 1990 325–332
- 332–340 B Nigeria-Germany BIT of 28 March, 2000 332–340
- 340–343 C Excerpts from the NIPC Act, 1995 340–343
- 343–345 D Excerpts from the NIPC Amendment Act, 1998 343–345
- 345–355 E NIPC Data on FDI Inflows – January 2001 to June 2002 345–355
- 355–355 F BPE Data on Proceeds from Privatization – 2001 to 2002 355–355

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