Nigeria loses in British court, to forfeit N3.2 trillion assets. thanks


The Nigerian government will be forfeiting N3.2 trillion ($9 billion) in assets to a company Process & Industrial Development Limited (P&ID), over its failure to honor a contract.
Justice Butcher of The High Court of Justice, Business and Property Courts of England and Wales ruled on the case on Friday August 16, 2 years after the Nigerian government objected to an arbitration that ordered payment of $6.6 billion as damages to the company. The money increased it to $9 billion (approximately N3.24 trillion) in accumulated interest in 2019, Premium Times reported.
P&ID have already signified its intention to target Nigerian assets in order to satisfy the judgement. It sued the Nigerian government and secured the monetary award after arbitration by a three-member panel including Nigeria’s former attorney-general, Bayo Ojo.
The company's lead counsel, Andrew Stafford said in a statement;
“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. The Court has ruled decisively in P&ID’s favour and has comprehensively rejected Nigeria’s efforts to avoid payment of this award of over $9.6 Billion. 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.
“Process and Industrial Developments Limited (P&ID) is an engineering and project management company founded and led by Brendan Cahill and the late Michael Quinn, who had over 30 years’ experience of project management and execution in Nigeria.
“P&ID and Nigeria entered into a 20-year Agreement – known as the Gas Supply and Processing Agreement (GSPA) – to refine natural gas for Nigeria’s electricity grid. The GSPA would have been very profitable for both P&ID and Nigeria. The GSPA failed when the government did not uphold its commitments. In August 2012, after several attempts over two and a half years by P&ID to salvage the agreement, including offers to renegotiate the deal, the company initiated arbitration proceedings. The tribunal was organised in London under the rules of the Nigerian Arbitration and Conciliation Act as part of the original contractual agreement between parties. In January 2017, the tribunal ruled that Nigeria was liable for $6.6 billion in damages, which by now has increased to well over $9 billion with interest accruing daily.”
I'm
Manuel Kunmi about 2 hours ago
Alot of people didn't even read through. All I'm just seeing is several bashing of the current government. APC here PDP there, BUHARI there. Awon Weyre
DIVA MUA about 2 hours ago
The clueless ones will start blaming APC AND PDP and overlook the level of carelessness by our leaders. We are talking of the country 1 year budget people!!! How can we loose such amount due to carelessness of our leaders? Who is being held responsible for this mess? How much have we borrowed compared to the amount we are about to loose? I don't blame a friend that have been discouraging my fate in this country and will jokingly say someone has used Nigeria pant to buy Benz😁.
Cheryl (From Glory to Glory) about 1 hour ago
I followed this case. It's a pity that Nigeria don't have a culture of following up cases they inherited from successive governments. This was all avoidable but our lackadaisical attitude in handling inherited issues like this has caused all this. Despite P
Anonymous about 1 hour ago
Justice butcher has really butchered us
Emmanuel Kachi about 2 hours ago
APC una weldone. #kachi
Anonymous about 2 hours ago
See this foolish boy #kachi. The contract was signed and reneged by PDP in 2010. This is one of the misfortunes of PDP to Nigeria. The legal battle with Nigeria has been on since 2012. Final judgement was just delivered.
BROFIGGA about 1 hour ago
The Naija wey i know, wey dem born me, no go pay shishi. $9billion for where? Buhari wey no dey respect court order.
SAINT TYNII about 2 hours ago
Chai see what PDP caused?
Anonymous about 2 hours ago
When fools run a government what do you expect? They think their lawlessness in Nigeria could be tolerated outside Nigerian shores. Pay up zoo government. That is how Nigeria lost Bakasi to Cameroon. As long as illeterates and criminals keep running Nigeria that’s what it will keep getting. Losers!
Anonymous about 2 hours ago
Britain the thieves have started
Anonymous about 2 hours ago
He probably thinks it's Nigeria's way over there! Nonesense, when an unlettered man is in power. A whole lot of thing go wrong.
Kenneth Uba about 2 hours ago
Another achievement by buhari......shameful as it is... They should pay now before it turns out another innoson gtbank affair.... But did some body say that buhari will lead us to the promised land...
Ben Bay about 2 hours ago
hahaha! oh'kay oh, money wey no dey before!
MikemyghT about 2 hours ago
Isookay..
Anonymous about 2 hours ago
Good. Everything we saved, our master has collected. Slaves go back to work
Anonymous about 2 hours ago
This issue was caused by PDP Govt.
Anonymous about 41 minutes ago
No it was created by Buhari APC govt. Everything is not gree die. A contract was signed, u no like am, ok try use sense renegotiate am and review the people involved and know if it was a fair term based on international standards. But no, ur body dey got, cancel, stop, tear you shouted. I remember some sane voices then cautioned that that was not the way but as usual they were labelled as supporting corruption. People thereafter kept quiet. Na the result be this. Leave PDP out of this, this problem was APC made as they were on a frenzy to cancel anything PdP.
Xhosa gal about 1 hour ago
Brilliant news so far in 2019. Otherwise this trilli-trilli-billi-billi-milli thingy of a thang would have gone to only one "well-connected-pocket-type-of-a-mind-old-greedy-dude-like that"! I can't even try to say those "trilli" without biting my tongue sha! About time I sue LIB for my tongue "bites" abi
Anonymous about 1 hour ago
Dumbo drunkard keeps costing us even when out of government
Anonymous about 1 hour ago
Who was president in 2012?
Bummy about 1 hour ago
What do you expect ? a win over white folks.. never..
Neeyo about 1 hour ago
Who u think say e go win d case bfor
Anonymous about 57 minutes ago
We will never pay that rubbish they are mad!!!!!!!!
Anonymous about 55 minutes ago
Another PDP legacy. They probably refused to bribe some government officials.
Sottin Olajide about 53 minutes ago
Procastination is costlier than mistakes. Blame Goodluck Jonathan's government for this loss. President Buhari should watch out for this kind of error.
Anonymous about 44 minutes ago
Gather all Nigeria's leaders and make them pay it from the looted monies with them. Yeye people.
Anonymous about 42 minutes ago
Buhari has damaged your economy time for us to grab whatever asset we can, so debt collectors can go after nigeria alone
Anonymous about 41 minutes ago
CUT ALL CONTACTS WITH GREAT BRITIAN LIKE CHINA DID, UNA SAY NO. SEE IT NIGERI, SEE IT. WE DONT NEED THIS FUCKING COLONIAL MASTERS AT ALL.
Anonymous about 30 minutes ago
It is finish dear...This will lead us to a dept that our great grand children can't pay.U.k made us to be forever slave....when they collect all these money they will borrow it to us again as loan and we remain their servant forever . Idionofe to Nigeria POLITIFIANS.
Adetola Odukoya about 17 minutes ago
THE NIGERIAN PRESIDENTVAND MINISYER OF PETROLEUM THAT ENTERED INTO THAT CONTRACT HAS PUT NIGERIA IN A BAD STATE AND THEY SHOULD BE PROBED FOR SUCH MISCALCULATIONS AND NOT MEETING UP TO SUCH CONTRACTUAL AGREEMENTS . THAT WAS GOODLUCK EBELE JONATHAN AND DIEZIANI MADUKWE NA.THEYVTAUGHT FOREIGN COMPANIES PROJECRS AND PLAN AND SPEND A LOT ON UPGRADE AND FACILOTIES ONCE THEY GET A CONTRACT SIGNED .THERE ARE SO MAMY INTRICATE THINGS INVOLVED FROM.LOGISTICS AND HAULAGE PLANNING EXPENDITURE TO INSURANCE ON TGE GREIGHT OF PRODUCTS TO MAINTENANCE AND STAFFS TO BE EMPLOYED TO OVERSEE SUCH HUGE PROJECT DEALS . THESE C OLMPANIES PUT THIMGS INTO ACTION ONCE THE DEAL IS SIGNED AND THEY D0NT JUST SIT AND WAIT THE WAY IT IS DONE IN NIGERIA AND THOSE COST SUM UP INTO MILLIONS OF DOLLARS AND INTO BILLIONS OF DOLLARS IN PUTTING THEM PLACE AS TIME ELAPSES STARTING FROM.THE DAY IN 2012 THE DEAL AGREEMENT WAS SIGNED. THEY PLAN AHEAD ABROAD FOR THESE TYPES OF PROJECTS TO AVOID FAILURES IN FUTURE UNLIKE THECWAY THINGS ARE DONE HERE. YOU CANT JUST ABAND OON A DEAL OF SUCH MAGNITUDE AFTER SHOWING FULL COMMITMENT AND SIGNING IT . THET SHOUKD PLEAD NEGOTIATE FOR REDUCTI0N AND PAY UP TO THE COMPANY STUPID DAFT GOVERNMENT AND NNPC MANAGEMENT DIEZIANI MADUKWE. SHE SHOWED SHE IS A CLEAR EDUCATED ILLITERATE WITH THIS NONSENSE NA. THE IRONY OF THIS IS TGATCITS THE NIGERIAN INNOCENT MASSES THAT WILL SUFFER FIR THIS SOON .BECSUSE THE GOVERNMENT WILL HAVE TO RAISE THAT MONEY SOMEHOW THROUGH MULTI TAXING OR CUT BACK ON CAPITAL PROJECTS THAT WOULD GAVE BENEFITED THE NIGERIAN MASSES IN THE NEAR FUTURE NA

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