You are forgiven if you think an English high court just awarded a $9 billion fine against Nigeria in a case of breach of contract with Process and Industrial Developments Limited (P&ID), a little-known Irish engineering and project management company.

Adapted from Google9ja: https://www.google9ja.com/2019/08/fg-to-stop-that-9bn-award-against.html

Although Nigeria is fighting tooth and nail to stop the enforcement of what is easily one of the largest arbitration awards in human history, anyone familiar with the entire fiasco knows that we are fighting a tough battle. We are primarily basing our objection on the fact that Nigeria is a sovereign state and “has an absolute right to obtain an authoritative determination of its sovereign immunity”. Put another way, we are arguing that we have immunity as a sovereign nation — and therefore the judgment cannot be enforced against us. We are also arguing that P&ID did not fulfil its own part of the contract and cannot, therefore, be making any claims on us.

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The Federal Government said on Friday that it was taking steps to stop the enforcement of a judgment of the United Kingdom, Business & Property Courts (the Commercial Court) which awarded a cumulative sum of $9bn award against Nigeria and in favour of a foreign firm, Process & Industrial Developments Limited.

The Solicitor-General of the Federation, Mr Dayo Apata, said this in a statement in which he confirmed that the United Kingdom court presided over by Justice Butcher on Friday “granted P&ID’s enforcement application which converts the arbitration award secured by P&ID into a domestic UK judgment against Nigeria.”

Actually, the award was made as far back as July 2015 by an arbitration panel sitting in London. What happened in London on Friday was a failed legal move by Nigeria to stop the enforcement of that judgment. If it is implemented, Nigeria’s bank accounts in the UK, where parts of our foreign reserves are warehoused, would be at risk and that would be a catastrophe for our international trade, to put it in a less scary language.

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Although Nigeria is fighting tooth and nail to stop the enforcement of what is easily one of the largest arbitration awards in human history, anyone familiar with the entire fiasco knows that we are fighting a tough battle. We are primarily basing our objection on the fact that Nigeria is a sovereign state and “has an absolute right to obtain an authoritative determination of its sovereign immunity”. Put another way, we are arguing that we have immunity as a sovereign nation — and therefore the judgment cannot be enforced against us. We are also arguing that P&ID did not fulfil its own part of the contract and cannot, therefore, be making any claims on us.

Find out about what actually happened: Adapted from Google9ja: https://www.google9ja.com/2019/08/fg-to-stop-that-9bn-award-against.html

Lalasticlacla Dominique mynd44 marpol.
This is serious . $9 billion

Idiets. They thought they could just act with the usual impunity by not appearing in court.