Nigeria To Forfeit $9bn in Assests To An Irish Firm Over a Sour Deal (Read Details)

Date: 16-08-2019 8:08 pm (4 years ago) | Author: kacy lee
- at 16-08-2019 08:08 PM (4 years ago)
(f)

British court has ordered an Irish firm, Process and Industrial Developments Ltd (P&ID) to seize 20% in assets, of Nigeria’s foreign reserves, amounting to $9bn

Justice Butcher of the British Commercial Court gave the ruling on Friday. The ruling will likely raise concerns among foreign investors. The case dates back to 2010 when Dr. Goodluck Jonathan was Nigeria’s president. .

The Nigerian government, under Dr. Jonathan, had struck a deal with the Irish firm to supply gas to a processing plant built and run by P&ID in Calabar. .

The agreement was for a 20-year deal. But the Nigerian government failed to keep to her own side of the agreement, prompting the firm to take the case to court. .

Meanwhile, in 2013, P&ID won a $6.6bn arbitration case against Nigeria. The figure was calculated based on what the company was estimated to have earned over the course of the 20-year agreement. .

But in today’s ruling, the firm said the amount had risen to $9bn following interest accrued so far, reports City A.M. Today’s decision means that the arbitration is converted into a legal judgement, allowing P&ID to attempt a seizure of the assets. .

Andrew Stafford QC, P&ID’s lawyer, said: “We are pleased that the Court has rejected Nigeria’s objections both to the arbitration process and to the amount of the award, and that it will grant permission to P&ID to begin enforcement of the award in the United Kingdom.

He added “P&ID is committed to vigorously enforcing its rights, and we intend to begin the process of seizing Nigerian assets in order to satisfy this award as soon as possible.”

Posted: at 16-08-2019 08:08 PM (4 years ago) | Addicted Hero
- james987 at 17-08-2019 02:50 AM (4 years ago)
(m)
Lol.. buhari and his thieves in the office
Posted: at 17-08-2019 02:50 AM (4 years ago) | Hero
Reply
- Baye77 at 17-08-2019 06:00 AM (4 years ago)
(m)
Quote from: james987 on 17-08-2019 02:50 AM
Lol.. buhari and his thieves in the office
Did you actually read the write up or it's just the heading u read and u jumped to comment section??? Impatient nigerian youths.
Posted: at 17-08-2019 06:00 AM (4 years ago) | Hero
Reply
- Baye77 at 17-08-2019 06:01 AM (4 years ago)
(m)
Ofcourse I know it will be a case from the era of "thieves' administration"
Posted: at 17-08-2019 06:01 AM (4 years ago) | Hero
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