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Nigeria loses in British court, to forfeit N3.2 trillion assets - Printable Version +- Forums (http://contripeople.com) +-- Forum: General Discussion (http://contripeople.com/forumdisplay.php?fid=5) +--- Forum: General Discussion (http://contripeople.com/forumdisplay.php?fid=60) +--- Thread: Nigeria loses in British court, to forfeit N3.2 trillion assets (/showthread.php?tid=20993) |
Nigeria loses in British court, to forfeit N3.2 trillion assets - Edoman - 08-17-2019 Nigeria loses in British court, to forfeit N3.2 trillion assets The Nigerian government will be forfeiting N3.2 trillion ($9 billion) in assets to a company Process & Industrial Development Limited (P&ID), over its failure to honor a contract. Justice Butcher of The High Court of Justice, Business and Property Courts of England and Wales ruled on the case on Friday August 16, 2 years after the Nigerian government objected to an arbitration that ordered payment of $6.6 billion as damages to the company. The money increased it to $9 billion (approximately N3.24 trillion) in accumulated interest in 2019, Premium Times reported. P&ID have already signified its intention to target Nigerian assets in order to satisfy the judgement. It sued the Nigerian government and secured the monetary award after arbitration by a three-member panel including Nigeria’s former attorney-general, Bayo Ojo. The company's lead counsel, Andrew Stafford said in a statement; Quote:“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. The Court has ruled decisively in P&ID’s favour and has comprehensively rejected Nigeria’s efforts to avoid payment of this award of over $9.6 Billion. 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. by Linda Ikeji at 16/08/ |