Africa News UK court approves $9bn claim against Nigeria

UK court approves $9bn claim against Nigeria

-

- Advertisment -

A British judge on Friday gave the green light for a tiny private firm to seize more than $9 billion in assets from the Nigerian government over a failed natural gas deal.

The amount represents one-fifth of the foreign reserves held by Africa’s largest economy.

The Process and Industrial Developments Limited (P&ID) company — widely reported to be registered in the British Virgin Islands — was founded by two Irish business partners for the purpose of executing the 2010 deal with the Lagos government.

The 20-year agreement would see P&ID “build a state-of-the-art gas processing plant to refine natural gas… (which) Nigeria would receive free of charge to power its national electric grid,” according to the P&ID website.

The company intended to sell the byproducts from the process on the global market for “profits in the billions of dollars,” P&ID said.

London court documents released on Friday showed that the arrangement fell through in 2012.

An arbitration tribunal in England awarded the firm $6.6 billion (5.9 billion euros) in damages in January 2017.

P&ID said accrued interest had pushed that amount to more than $9 billion — about one-fifth of Nigeria’s declared foreign reserves of $45 billion.

The Nigerian government’s legal team argued that English courts did not have the jurisdiction to settle the dispute.

It added that the settlement was “manifestly excessive and penal,” according to court documents.

But Justice Christopher Butcher of the Commercial Court in London ruled on Friday that he was “prepared to make an order enforcing the final award”.

“I will receive submissions from the parties as to the precise form of order appropriate,” the justice wrote in his conclusion.

A lawyer representing P&ID said the firm intended to “begin the process of seizing Nigerian assets in order to satisfy this award as soon as possible,” the Bloomberg news agency reported.

The Nigeria government issued no immediate comment.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest news

Egypt reveals details about trove of ancient wooden coffins

Luxor: Egypt's antiquities authorities heave revealed the details of 30 ancient wooden coffins that were recently discovered in the...

World Green Economy Summit held in Dubai to promote sustainable development

Shotlist Dubai, United Arab Emirates - Oct 20, 2019 (CCTV - No access Chinese mainland)1. Various of 2019...

«Occupation Double Afrique du Sud»: une exclue reviendra dans l’aventure

Capitaine rebondissements (alias Jay Du Temple) a frappé une fois de plus, ce dimanche 20 octobre, à Occupation Double...

Inlaks partners FirstBank to launch MoniSafe 500, a teller cash recycler machine in Nigeria

<!--Inlaks partners FirstBank to launch MoniSafe 500, a teller cash...

Lukman Otunuga speaks on factors to trigger success or failure of Nigeria’s budget for year 2020

<!--Lukman Otunuga speaks on factors to trigger success or failure...

Air Algérie engrange un chiffre d’affaire 53 milliards DA

La compagnie aérienne nationale, Air Algérie a engrangé plus de 53 milliards de DA à la fin de juillet...

Must read

Egypt reveals details about trove of ancient wooden coffins

Luxor: Egypt's antiquities authorities heave revealed the details of...

World Green Economy Summit held in Dubai to promote sustainable development

Shotlist Dubai, United Arab Emirates - Oct 20,...
- Advertisement -

You might also likeRELATED
Recommended to you