Stats: 3,192,081 members, 7,946,680 topics. Date: Thursday, 12 September 2024 at 01:14 AM |
Nairaland Forum / Nairaland / General / Politics / British court orders Irish firm to seize $9b Nigeria’s foreign reserves (15490 Views)
P&ID Scandal: British Court Judgement Shows Malami Lied Against Magu / $9b Judgment: P&ID Chief Names Yar’adua, Lukman, NNPC GMD, 15 Others Behind Cont / British Court seized Abacha loot worth £211m (2) (3) (4)
(1) (2) (3) (4) (5) (Reply) (Go Down)
British court orders Irish firm to seize $9b Nigeria’s foreign reserves by KenOne: 5:32pm On Aug 16, 2019 |
…Deal struck during Ex-President Goodluck Jonathan’s government British court has ordered an Irish firm, Process and Industrial Developments Ltd (P&ID) to seize 20 per cent in assets, of Nigeria’s foreign reserves, amounting to $9bn (£7.4bn) 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. https://www.vanguardngr.com/2019/08/breaking-british-court-orders-irish-firm-to-seize-9b-nigerias-foreign-reserves/ 3 Likes 2 Shares |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by realestniggah: 5:58pm On Aug 16, 2019 |
Your favorite president was oweing debt Na "oni gbese" 27 Likes 1 Share |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by AngelicBeing: 5:58pm On Aug 16, 2019 |
![]() 5 Likes 1 Share
|
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by millionboi2: 5:59pm On Aug 16, 2019 |
Wat a hack. 1 Like |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by eben2marketer: 5:59pm On Aug 16, 2019 |
![]() |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by zeestone99(m): 5:59pm On Aug 16, 2019 |
And I need money. |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by GuyMan50: 5:59pm On Aug 16, 2019 |
, |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by BlueAir: 5:59pm On Aug 16, 2019 |
Cant blame Jonathan Anything to keep the boat floating |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by seunmohmoh(f): 5:59pm On Aug 16, 2019 |
Who we offend? 23 Likes 3 Shares |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by orunmila144: 5:59pm On Aug 16, 2019 |
![]() |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by pyrex23(m): 5:59pm On Aug 16, 2019 |
![]() |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by mistacoco2: 5:59pm On Aug 16, 2019 |
See gobe! 1 Like |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by Zavi333: 5:59pm On Aug 16, 2019 |
This is crazy 1 Like |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by Siberia01(m): 5:59pm On Aug 16, 2019 |
choi |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by SuperBlack: 5:59pm On Aug 16, 2019 |
They should look at my account biko 4 Likes
|
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by obembet(f): 5:59pm On Aug 16, 2019 |
Jonathan is criminal but buhari is a terrorist 4 Likes 1 Share |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by hisgrace090: 5:59pm On Aug 16, 2019 |
Never start what you can't complete. Nigeria must drop their abandon project mentality. 18 Likes 3 Shares |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by dustydee: 6:00pm On Aug 16, 2019 |
Respect for agreements is what gives investors confidence in an economy. 23 Likes |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by StOla: 6:00pm On Aug 16, 2019 |
The same Jonathan government that could not pay Multinational Oil firms the government share of counterpart funding that totaled about $6.8b between 2010 and 2015? How come that same period of immense oil revenue was the same period the federal government could not pay up its own agreed sum? The same period government savings of over $20b got reduced to $2b, and foreign reserves crashed from $47b to $29b? Yet this was the same period that many funds were buried underground and stashed in cabinets in rural villages. 55 Likes 8 Shares |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by dustydee: 6:00pm On Aug 16, 2019 |
Respect for agreements is what gives investors confidence in an economy. 6 Likes |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by JamiuKabir: 6:00pm On Aug 16, 2019 |
Buhari is a disgrace 9 Likes |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by hypertension(m): 6:00pm On Aug 16, 2019 |
![]() |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by gg4real: 6:00pm On Aug 16, 2019 |
They should kuku seize the whole of Nigeria 5 Likes 1 Share |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by NASTYNASOSO: 6:00pm On Aug 16, 2019 |
HMMMMMMM JOHNATHAN JOHNATHAN JONATHAN 5 Likes |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by tunjex2006(m): 6:00pm On Aug 16, 2019 |
So, Nigeria has no external reserves anymore? Waiting for another economic recession |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by Officialgarri: 6:00pm On Aug 16, 2019 |
seunmohmoh:bros chill na. Na by force to comment? 1 Like |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by delishpot: 6:00pm On Aug 16, 2019 |
Fair enough. |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by RockHard: 6:00pm On Aug 16, 2019 |
Jonathan whyyyyyyy? 11 Likes |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by shaggy007(m): 6:00pm On Aug 16, 2019 |
We dey lose money wey we no get 7 Likes |
Re: British court orders Irish firm to seize $9b Nigeria’s foreign reserves by Spar7tan(m): 6:00pm On Aug 16, 2019 |
This is unbelievable ![]() |
ABU Alumni Dominate Buhari’s Cabinet / Voters Now Protect Their Own Votes By Themselves, And No More The Party-Agents / Do Nigerian Navy Have Battleship?
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 16 |