ENGLISH COURT ORDERS SEIZURE OF NIGERIA'S $9BN

Justice Butcher of a British Commercial Court has ruled in favour of 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 gave the ruling, Friday. The case dates back to 2010, when Dr. Goodluck Jonathan was Nigeria’s president. The Nigerian government, under Mr 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.

However, the Federal Government has in a statement issued at the heel of the judgement by the English court vowed to defend Nigeria's interests at all times saying it will appeal the judgement.  

This was contained in a statement issued by the government through the Permanent Secretary, Ministry of Justice Dayo Apata, who revealed that the ministry has directed Counsels to the FG to apply for stay of execution in the case.  

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