P&ID Case : UK Court Orders Release Of $200m Deposit To Nigeria
A commercial court in London has ordered the release of $200 million used as a deposit in the case against Process & Industrial Development (P&ID) to the Nigerian government. The Governor of the Central Bank, Godwin Emefiele who confirmed the development on Tuesday, said the ruling follows the establishment of prima facie fraud before the court. Commenting on the outcome, Emefiele said: “due to the substantial evidence of prima facie fraud established before the court, we are pleased that the judge has agreed to release the guarantee. We are also pleased that the Court has rejected P&ID’s application to increase
P&ID: UK Court gives FG permission to challenge contract award
The UK Court has delivered a judgment, granting the Federal Republic of Nigeria (FRN) permission to proceed with its challenge to the $10 billion arbitral award made against it about three years ago. Dr. Umar Gwandu, the Special Assistant on Media and Public Relations to the Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN) disclosed this on in a statement made available to newsmen on Friday. According to the statement, the Court has allowed the FRN to challenge the contract award, well outside the normal time limits, due to the exceptional circumstances where the FRN has
Nigeria optimistic of setting aside 9.6bn judgment debt – Lai Mohammed
The Minister of Information and Culture, Alhaji Lai Mohammed has expressed optimism that the entire arbitration decisions and judgment debt of N9.6 billion against Nigeria by a UK court over a botched gas contract would be set aside. The Minister stated this in London while reacting to Thursday’s ruling by a UK commercial court staying execution of the 9.6 billion dollar judgment debt and granting leave for Nigeria to appeal the decision in the UK appellate court. A text of the minister’s reaction was made available to the News Agency of Nigeria (NAN) in Abuja by his media aide. Mohammed
UK Court Grants FG Leave To Appeal $9.6bn Judgement
A United Kingdom court has granted the Federal Government leave to appeal the judgment that asked Process and Industrial Developments (P&ID) Limited to seize $9.6bn in Nigerian assets. The P&ID secured the damages against Nigeria following a failed Gas Supply Project Agreement (GSPA) contract between it and the Federal Ministry of Petroleum Resources. The Attorney-General of the Federation and Minister of Justice, Abubakar Malami in a brief from London said, “Application for leave to appeal against the award and enforcement of the award is granted Application for stay of execution is currently being considered.
FG Delegation In UK Over $9.6bn P&ID Case
A Federal Government delegation led by the Attorney-General of the Federation Abubakar Malami, and the Governor of the Central Bank of Nigeria Godwin Emefiele, is currently in the United Kingdom to meet with some international media over the $9.6 billion case involving the Process and Industrial Development Limited (P&ID). The meeting follows the award of the fine of $9.6 billion against Nigeria by a British Court following a botched oil deal with the company. Others members of the delegation include the Minister of Information and Culture, Lai Mohammed; the Inspector General of Police, Abubakar Adamu; AIG Ibrahim Lamorde and the
$9.6b judgment: Danjuma’s, P&ID exposed
With the dust raised over the $9.6 billion judgment debt awarded to Process and Industrial Development Ltd (P&ID) yet to settle, another controversy over ownership of the project has surfaced. Billionaire businessman Gen. Theophilus Danjuma has been linked to the deal. A report by Businessweek quoted the one-time Minister of Defence as claiming that he committed $40 million to the takeoff of the project. P&ID, registered in the British Virgin Islands, won a contract to end gas flaring in the Niger Delta. Its chairman, Michael “Mick” Quinn, an Irishman, operated in Nigeria for decades, mostly as a military contractor. In
