hiann

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Anxiety continues to mount in government circles in Nigeria as a London court sits next next Tuesday in a case that may see Nigeria forfeiting up to $9billion in foreign assets.

The expected loss is in respect of an enforcement application to the United States of America and the United Kingdom courts by Process and Industrial Development, a British firm tied up in a legal dispute with the Federal Government.


The court case arose out of the failure of a contract awarded the company in 2010 to process wet gas to power Nigeria’s generating plants.

Reading this article is making really angry. What concerns British courts with a private transaction with the Nigeria government government. If there is a case of dispute or breach of contract should the case not be handled in Nigerian courts.

On 16 March 2018, a BVI-based engineering and project management company sought to enforce in the US a USD6.6 billion award it obtained in January 2017 against Nigeria. This is one of the highest arbitral awards known to date. It shows the importance of the Respondent challenging facts, assumptions and calculations provided by the Claimant and of providing alternative evidence to the Tribunal.

That figure has since been attracting interest at the rate of $1.2 million per day and currently stands at over $9 billion.

My understanding from the above is that the Nigerian government reneged on its contractual agreement with a British engineering and project management company, the company took the Nigerian government to court in London and won a $6.6 billion damages and the company then went to the US to try and enforce the judgement?
If I am wrong please someone correct me.

Now, does the above make sense? The company should have just asked the US to invade Nigeria, so they can have full access to all our resources including oil. So when the US government renege on its international and corporate agreements, who do we apply to to enforce the agreements?

That's why it is paining me that we have weakened our military to the point of ridicule by other nations. They cannot try this rubbish with Israel, India or even Pakistan.

In January 2010, Process and Development Limited (P&ID or the Claimant) and the Ministry of Petroleum Resources of the Federal Republic of Nigeria (Nigeria or the Respondent) entered into a 20-year Gas Supply and Processing Agreement (GSPA). Under this agreement Nigeria would supply Wet Gas to P&ID, who would process it in a newly-built facility and return it in the form of Lean Gas. P&ID could then sell the by-products of the refinement process (natural gas liquids (NGLs) for their own profit.

Nigeria did not make arrangements for the agreed supply of Wet Gas, including building the necessary pipelines. In March 2013, P&ID treated this failure as a repudiation of the GSPA. By that date PI&grin estimated that it had invested USD40 million in the project, although it had not yet acquired the land or built the facilities.

Nigeria entered into a 20 year Gas Supply and Processing Agreement (GSPA) to supply gas to Process and Development Limited, who would return the gas after processing it in a plant built by them. They would then keep the bye products to sell to recover their investments.

Now Nigeria did not supply the gas as agreed, so Process and Development Limited took the Nigerian government to a London court claiming $6 billion, because according to them they had already invested $40 million into the project ( even though they were yet to acquire the land to build the processing plant).

And some people are blaming Buhari. It seems some people want this country destroyed because Buhari became President. How can a Nigerian support such blatant act of aggression against his own country. This is a case where all Nigerians irrespective of party, tribe or religion should come together and oppose the insult to our collective sensibilities. Trump cancelled all agreements entered by Obama, including trade agreements, and the sky did not fall.

Okay

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Okay

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Mcreloaded:
If an agreement was signed then Nigerian government should pay for damages.

Imagine this rubbish that Nigerian government will supply the gas and they will take the gas out of the country and after refining it they will sell it back to. Iberian government as wet gas.

Just like how they buy our crude and sell it back to us as petrol or kerosene or jetfuel.

The crude oil ow still good for ear that they buy the crude and sell it back to us as finished product compared to this one that Nigerian government will just supply the gas to them for free I THINK and sell us WET GAS.

Abi Na me no read am well.

You are right...

But that is just one area these pale cheats are stealing from us.

Cocoa, rubber, are similarly exported raw and imported finished!!!
Nigerian government is the WORST!

RealityShot:

You are right...

But that is just one area these pale cheats are stealing from us.

Cocoa, rubber, are similarly exported raw and imported finished!!!
Nigerian government is the WORST!

You can say that again.
Only God can help us with these our leaders to do right

Any update?

budaatum:
Any update?

This is the current update.

https://www.cnbcafrica.com/news/west-africa/2019/09/11/explainer-a-uk-court-hit-nigeria-with-a-9-6-billion-judgment-debt-how-did-the-west-african-country-end-up-in-this-costly-situation/