ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Wednesday, May 18, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Attorney-General of the Federation, Abubakar Malami (Photo Credit: DailyPost)

Attorney-General of the Federation, Abubakar Malami (Photo Credit: DailyPost)

P&ID: Nigeria pays $200m bond to UK court

byEvelyn Okakwu
November 28, 2019
2 min read

The Nigerian government has provided a bond of $200 million to a court in the United Kingdom, as part of efforts to overturn the $9.2 billion judgement debt against it, in favour of an Irish firm, Process and Industrial Development (P&ID).

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, said this in a statement on Thursday.

He described the development as a positive step for Nigeria to set aside the judgement.

He said the decision to provide the bond emanated from the British court’s acceptance of a request from Nigeria for a variation of the September decision of the court.

The court had ordered Nigeria to pay $200 million to the court, while permitting the stay of execution of the judgement.

The statement also said the Nigerian government “does not plan to forfeit the guaranteed sum to the High Court in UK.”

“The Federal Republic of Nigeria today provided the English High Court with a bank guarantee as a security in compliance with the Court order. This variation in security, which was proposed by Nigeria as an alternative solution during a procedural hearing on 22nd November, has been accepted by the Court and P&ID. The deadline was extended by the Court to the 28th November.

“The provision of today’s security is a positive step forward for Nigeria to overturn the injustice of the US$9.6 billion award, which was a direct result of fraud and corruption.”

READ ALSO: $9 billion: Protesters want British court ruling against Nigeria reversed

The statement reiterated the point raised by the Nigerian government that the contract was fictitious.

It said Nigeria was expending efforts towards ensuring the nullification of the controversial contract.

1X Bet AD

“Over the last few weeks, investigations have revealed a very serious fraud, bringing into question both the legitimacy of the GSPA (gas supply and processing agreement) and the subsequent award itself.

“As a result of these investigations, the Federation has recently expanded its legal team, which will now enable us to launch in full our challenge against the fraudulently procured agreement and award.”

Long road

The UK Business & Property Courts (the Commercial Court), presided by Justice Butcher, on August 16 granted P&ID’s request to enforce a March 20, 2013 award against Nigeria by a District Circuit Court in Washington DC.

The $6.6 billion Nigeria was ordered to pay had accumulated to $9.6 billion due to interests accrued over the period.

Following an application by the Nigerian government in September, the court granted a stay of execution of the judgement preventing the seizure of Nigerian assets while its legal challenge was pending.

The court, however, ordered it to pay $200 million to the court within 60 days to ensure the stay.

Controversial contract

P&ID approached the court to seek compensation after accusing the Nigerian government of breaching a 2010 gas contract agreement.

The contract for gas supply and processing was signed by the administration of late President Umaru Yar’Adua and P&ID.

The contract was to build gas processing facilities around Calabar, Cross River State, and the government was to supply wet gas up to 400 million standard cubic feet per day.

PREMIUM TIMES reported how the agreement was designed to fail as key elements necessary for its success were missing.

The court initially granted the firm an arbitral award of $6.6 billion.

But, the figure rose to about $8.9 billion with an additional $2.3 billion in accumulated interest at 7 per cent rate, after Nigeria refused to enter an appeal for over five years.

Advertisements



The company said the accumulated interest was based on claims that the damages were calculated at the current value of 20-year income accumulated since 2013 when the ruling was first given.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

CITIZEN-FM AD


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: To place an advert here . Call Willie - +2348098788999


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes





PT Mag Campaign AD

Previous Post

DJ Edu launches This is Africa radio show

Next Post

Alleged N150m Fraud: EFCC grills ex-Lagos scholarship board boss

Evelyn Okakwu

Evelyn Okakwu

More News

Plenary session of the House or Representatives [PHOTO CREDIT: @HouseNGR]

EXCLUSIVE: Former Speaker of the House of Reps arrested, detained

May 17, 2022
Students of the University of Ibadan during their ASUU protest today.

Strike: Again, soldiers attack protesting Nigerian students

May 17, 2022
NBA President, Olumide Akpata

Alleged Blasphemy: NBA cancels conference over murder of Sokoto college student

May 17, 2022
Adeyinka Grandson

EXCLUSIVE: Untold story of Adeyinka Grandson’s immigration, marital troubles

May 17, 2022
Residents and Security Operatives are seen at the scene of the Kano explosion in Sabon Gari area.

Residents, police disagree over Kano explosion

May 17, 2022
resident of the African Development Bank (AfDB), Akinwumi Adesina,

2023: I’ll not run for president – Adesina

May 17, 2022
Next Post
EFCC operatives

Alleged N150m Fraud: EFCC grills ex-Lagos scholarship board boss

President Muhammadu Buhari and Vice President Yemi Osinbajo

APC vows to expel third term proponents, says it's opposition plot

Leave Comment

Search

AUN-PT Ad





Transport-Technology


Stanbic Ad


Access Bank Ad





Glo Ad


Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,839,349 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • Dubawa
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.