…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/

Your favorite president was oweing debt

Na "oni gbese"

Wat a hack.

And I need money.

,

Cant blame Jonathan
Anything to keep the boat floating

Who we offend?

See gobe!

This is crazy

choi

They should look at my account biko

Jonathan is criminal but buhari is a terrorist

Never start what you can't complete.

Nigeria must drop their abandon project mentality.

Respect for agreements is what gives investors confidence in an economy.

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.

Respect for agreements is what gives investors confidence in an economy.

Buhari is a disgrace

They should kuku seize the whole of Nigeria

HMMMMMMM



JOHNATHAN JOHNATHAN JONATHAN

So, Nigeria has no external reserves anymore? Waiting for another economic recession

seunmohmoh:
;Dggg

bros chill na. Na by force to comment?

Fair enough.

Jonathan whyyyyyyy?

We dey lose money wey we no get

This is unbelievable