KenOne:
…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/

beatmonster:
Zoo

tunjex2006:
So, Nigeria has no external reserves anymore? Waiting for another economic recession

StOla:
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.

obembet:
Jonathan is criminal but buhari is a terrorist

obembet:
Jonathan is criminal but buhari is a terrorist

JamiuKabir:
Buhari is a disgrace

SillyMods:

Jonathan remains the worst president any country could have. Such a very incompetent buffoon.

SillyMods:

Jonathan remains the worst president any country could have. Such a very incompetent buffoon.

12inchess:
How will judgment done by British in favor of Irish be our business. Make dem come seize the assets naaa. That is how this woman what is her name again Minister of finance okonjo iweala was doing debt forgiveness with those debtors Paris Bank. I no know why she was donating our money to Paris club. If we no Wan pay back nko.Are we the only onigbese country? Even u.s owes China money.

MrPresident1:
Another reception loading

ajagidiagbo1:
Just like your father generation.

realestniggah:
Your favorite president was oweing debt

Na "oni gbese"

JamiuKabir:
Buhari is a disgrace

skyblueking:
How does it affect the price of garri?

Millions go to bed hungry daily while the government keeps signing deals that fails at the end..
$9b just vanished!