A firm incorporated in the British Virgin Islands will today ask a British court for the right to seize up to $9 billion of Nigerian government assets over an aborted gas project.
![](https://thenigerialawyer.com/wp-content/uploads/2024/11/TheNigerialawyer-WhatsApp-Channel1.jpg")
Reuters reported that the request is part of a long-running saga over a 2010 deal in which the federal government agreed to supply gas to a processing plant in Calabar, Cross River State, that Process and Industrial Developments Ltd (P&ID) – a little-known firm founded by two Irish business men specifically for the project – would build and run.
P&ID had won a $6.6 billion award at arbitration, based on what it could have earned during the 20-year agreement.
The firm is now claiming that the total owed has ballooned to $9 billon because of interest accrued since 2013.
The federal government has tried to nullify the award, saying it was not subject to international arbitration but British courts rejected the argument.
P&ID is now asking the Commercial Court in London to convert the arbitration into a judgment, which would allow them to try to seize international assets.
Reuters quoted a source close to President Muhammadu Buhari as saying they were fully aware of the matter and the government “is not sleeping.”
The source added that the federal government was optimistic the matter could be resolved in the courts.
There are also proceedings pending at a US District Court in Washington, D.C.
Officials contacted by Reuters said the lack of an attorney general or petroleum minister made it difficult for anyone to comment on the record.
While assets that are used for diplomatic purposes – such as the Nigerian High Commission building in central London – were off the table, commercial assets were up for grabs.
In 2008, a UK court ruled that proceeds of oil sales from Chad held in an international account intended to repay World Bank loans were fair game for seizure.
Experts also said that the involvement of hedge fund VR Group, which has a stake in P&ID, signaled that it is unlikely to let the issue drop.
The book, titled The Law of Torts in Nigeria: A Functional Approach, authored by Professor Hagler Sunny Okorie Ph.D and Ikeocha, Nathaniel Ngozi Esq, offers law students, practitioners, and academics a comprehensive guide to understanding and applying tort law in Nigerian courts. Interested buyers can place orders via the following contact numbers: 08028636615, 08037667945, 08032253813, or +234 902 196 2209.
______________________________________________________________________
[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
ARTIFICIAL INTELLIGENCE FOR LAWYERS: A COMPREHENSIVE GUIDE
Reimagine your practice with the power of AI “...this is the only Nigerian book I know of on the topic.” — Ohio Books Ltd
Authored by Ben Ijeoma Adigwe, Esq., ACIArb (UK), LL.M, Dip. in Artificial Intelligence, Director, Delta State Ministry of Justice, Asaba, Nigeria.
Bonus:
Get a FREE eBook titled “How to Use the AI in Legalpedia and Law Pavilion” with every purchase.
How to Order: 📞 Call, Text, or WhatsApp: 08034917063 | 07055285878 📧 Email: benadigwe1@gmail.com 🌐 Website: www.benadigwe.com
Ebook Version: Access directly online at: https://selar.com/prv626
________________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
