The Buhari administration may have found a silver bullet to shoot down the $9.6billion world record claim against Nigeria’s assets by Irish company Process and Industrial Development(P&ID).


According to reports, the rock-solid defence is contained in a UK law, that gives immunity to Sovereign states. Going by the law, P&ID should not even have dragged Nigeria to any arbitration or a commercial court, to try to milk Nigeria of hard-earned revenue.

But first of all, Nigeria intends to file a stay-of-execution of the judgment at the end of the month when the UK courts resume and has opted not to negotiate any deal with P&ID.

Thereafter, the government will file an appeal based on the extant law of the United Kingdom.

UK’s State Immunity Act 1978 (the Act) bars UK courts from confiscating assets of a foreign state without the consent of that state, gives it a leeway in the matter.

In an illuminating article on the law published in March this year, Quinn Emanuel Urquhart & Sullivan LLP (the largest law firm in the world devoted solely to business litigation and arbitration, said the Act allows a written consent of a foreign state before the enforcement of a judgment which could lead to seizure of assets or freezing of accounts.

The article was titled “Sovereign Immunity in the United Kingdom—Lexology”

The law firm wrote: “Section 13 (2) of the Act provides that: (a) relief shall not be given against a State by way of injunction or order for specific performance or for the recovery of land or other property; and (b) the property of a State shall not be subject to any process for the enforcement of a judgment or arbitration award or, in an action in rem, for its arrest, detention or sale.


“Pursuant to section 13 of the Act, state assets ‘shall not be subject to any process for the enforcement of a judgment or arbitration award or, in an action in rem, for [their] arrest, detention or sale’ unless the state has provided its written consent (see, for example, Gold Reserve Inc v Venezuela [2016] EWHC 153 (Comm), finding that Venezuela had submitted to arbitration in writing by entering into a bilateral investment treaty (BIT) with Canada) or the assets in question are ‘in use or intended for use for commercial purposes’ (section 13(2)-(4)). These provisions apply in respect to states alone as defined in section 14 of the Act, and do not therefore extend to separate entities (see question 8 ) .

“This provision is subject to sections 13(3) and 13(4) of the Act. Pursuant to section 13(3), a state may provide written consent to the grant of any relief against it. It follows that a state may consent to the grant of interim or injunctive relief against it; however, the mere submission to the jurisdiction of the UK courts does not constitute such consent.”

According to The Nation, the decision by Nigeria to anchor its defence on this law, was taken at a meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa in Abuja this week.

It was attended by Finance, Budget and National Planning Minister Zainab Ahmed; Minister of Justice Abubakar Malami (SAN); Minister of Information Lai Mohammed; and Minister of State for Petroleum Timipre Sylva.

Others are Minister of State for Niger Delta Affairs Festus Keyamo (SAN); Group Managing Director of Nigerian National Petroleum Corporation (NNPC) Mele Kyari; Acting Chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Magu; and Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele.

The Federal Government’s team, made up of many lawyers, met with an American lawyer alongside Mr. Bolaji Ayorinde (SAN), who has been central to the handling of the case with P&ID.



https://www.pmnewsnigeria.com/2019/09/04/buhari-govt-finds-silver-bullet-to-shoot-down-9-6b-pid-claim/amp/

Buhari is indeed clueless but Osunbade is even super clueless. Fake everything.

At least $1bn of that money will be spent on legal bills What if the sovereign state referred to here means the UK alone or with its colonies?

According to reports, the rock-solid defence is contained in a UK law, that gives immunity to Sovereign states. Going by the law, P&ID should not even have dragged Nigeria to any arbitration or a commercial court, to try to milk Nigeria of hard-earned revenue.

We are following closely..........

Is this one a government?

I have read reasonable reactions and actions from some African countries on the Xenophobic attack, I'm yet to read one from Buhari.

Rather, the administration has left the fight to Nigerians to do themselves.
If the President had done what is required of him long before today, the government of SA would have acted according, to say the least, awoken to the bilateral responsibility of providing security coverage to endangered foreigners in moment of crises, like we do over here.
But the SA government has seen that our own government is 'very responsive and responsible', that's why they do the way they do.
Imagine how many job cuts Nigerians will suffer for all the burnings and lootings that happened across Nigeria yesterday and may still happen afterwards.

X

bigtt76:
At least $1bn of that money will be spent on legal bills What if the sovereign state referred to here means the UK alone or with its colonies?

Did you read the post at all?

"... The Act allows a written consent of a foreign state before the enforcement of a judgment which could lead to seizure of assets or freezing of accounts..."

I no understand this pid whatever thing... anyone to explain please?

crownwealth:
Buhari is indeed clueless but Osunbade is even super clueless. Fake everything.

This one thinks Buhari and Osinbajo are like his parents in the village who read newspapers upside down.

Osinbajo is a Professor of law and a SAN. His law firm brought Pfizer Global to its knees when it sued them for 2.5 Billion dollars about a decade ago. They were forced to beg.
This business centre called PIG or P&ID with no address now wants to collect billions from Nigeria?

You think it is people like Ozekhome, Livinus Atiku's lawyer and Nwabueze we're talking about here? Worthless server gang.

1 kobo, those guys no go see.

Last last we are not going to pay that money

AcMilano1:
Last last we are not going to pay that money

We won't pay 1 cent.

crownwealth:
Buhari is indeed clueless but Osunbade is even super clueless. Fake everything.

U go wail, u go lose weight by force!

Ikpeazukerosene:


This one thinks Buhari and Osinbajo are like his parents in the village who read newspapers upside down.

Hehehehe .
Finishing.

Rexnegro:
I no understand this pid whatever thing... anyone to explain please?

Read this, posted yesterday. It would explain it well.

https://www.nairaland.com/5394946/nigerias-9-billion-debt-p

/
They found a loophole.

Now the question is: Who is competent enough to make the oral submission in an international court?

/

cuz e concern money ....

PureFace1:
The Buhari administration may have found a silver bullet to shoot down the $9.6billion world record claim against Nigeria’s assets by Irish company Process and Industrial Development(P&ID).

According to reports, the rock-solid defence is contained in a UK law, that gives immunity to Sovereign states. Going by the law, P&ID should not even have dragged Nigeria to any arbitration or a commercial court, to try to milk Nigeria of hard-earned revenue.

Big joke to fool people until they are lost completely.
Did we not pay breach of contract penalties in 1984 when the same barawo bubu cancelled the metro line in Lagos?
How did we employ such incompetent people to ruin our country.

crownwealth:
Buhari is indeed clueless but Osunbade is even super clueless. Fake everything.

Why do you say this. Or you'd prefer Nigeria cough out the money.

Inasmuch as we have some reservations about the present government, I still believe they should find a way out of this mess rather than pay out that huge amount of money to the company for getting nothing out of the initial business proposition.

Buhari that can’t find his brain

If not for stupidity and ignorance of our Govt, why sign a contract where only 1 party get indemnify at the event of a negligence or breach.

They've gat this one right this time!

Kudos guys.

I pray and sincerely hope that it won't be appropriately countered.

But that we could even find this loophole, I'm so happy.

Our colonial master are yet to give us free rein even after the independence.Freedom is not given ,freedom is earned.

Really

mrdan:

Read this, posted yesterday. It would explain it well.
https://www.nairaland.com/5394946/nigerias-9-billion-debt-p

thanks bro I appreciate

we should seize UK or Irish asset in return if they dare touch any Nigerian asset.
UK is not a powerful as it use to be. they are politically divided

This law is hitherto refers to the matter between states as an entities and not applicable in this particular one.Dead brain everywhere.

Ikpeazukerosene:
We won't pay 1 cent.

AcMilano1:
Last last we are not going to pay that money

Are you guys ignorant and incompetent like the dullar'd in Aso Rock or what
Why would they negotiate and offer to pay money if the country has immunity?
Do you get that part?

$9.6b judgment: How P&ID snubbed Buhari’s $600m offer

According to the fact-sheet, President Muhammadu Buhari and Vice-President Yemi Osinbajo separately approved negotiation with Messrs Process and Industrial Developments (P&ID) after the Arbitration Tribunal awarded $6.597billion to the company. The two leaders at various times offered $250million and an improved offer of $600million to the Irish company.

The Vice President gave the approval on April 18, 2017, following the recommendations of the Attorney-General of the Federation (AGF) and Minister of Justice, Mallam Abubakar Malami (SAN), which included a negotiation with P&ID.

Also, President Muhammadu Buhari directed the Federal Government’s team to meet with P&ID counsel on July 12 and 13 in New York.

Based on Osinbajo’s approval, the AGF and the then Minister of State for Petroleum Resources Dr. Ibe Kachikwu, and a delegation along with counsel Chief Bolaji Ayorinde, SAN, on May 16, 2017, met with representatives of P & ID and its counsel to negotiate the judgment debt.

The government team initially on May 16, 2017 succeeded in negotiating the judgment debt from $8.4billion, to which it had risen, to $600million.

But P & ID rejected the offer on the grounds that what was agreed on to be executed was a Draft Stay of Enforcement Agreement and not a Settlement Agreement as proposed by the Federal Government.

The Federal Government offered $250million which P&ID rejected.

The document said although a former Attorney-General of the Federation, Mr. Mohammed Bello Adoke (SAN), recommended an amicable settlement with P&ID, the “ proposed settlement broke down.”

The government said the “settlement could not be reached before the time for report of settlement elapsed, therefore proceedings resumed at the Tribunal for determination.”

https://www.pmnewsnigeria.com/2019/09/02/9-6b-judgment-how-pid-snubbed-buharis-600m-offer/

[img]https://4.bp..com/-hxkbcMA-Gds/Vi_jnwVSIoI/AAAAAAAHG5I/0h9m6kBQqpE/s400/10.jpg[/img]

superior1:
Buhari that can’t find his brain

Can he find something that was never there

Countries that don't honor their obligations/judgements/contracts have a hard time getting bonds or investments later on. Ask Venezuela...

niaralandtopuser:
we should seize UK or Irish asset in return if they dare touch any Nigerian asset.
UK is not a powerful as it use to be. they are politically divided

Politically divided in the same way that Buhari divided Nigeria into 97% versus 5%?
Are you for real


www.nairaland.com/attachments/6411492_buhariunity_jpege6b944865fd28349d890aa9f1f00fb23

anonimi:

Are you guys ignorant and incompetent like the dullar'd in Aso Rock or what
Why would they negotiate and offer to pay money if the country has immunity?
Do you get that part?

I expect your brain to be fully functional and I don't expect stupid questions from you.

Immunity falls under jurisdictional issues and can be raised at any time or on appeal. In case you're ignorant, this same company had previously taken this case to a US court where they lost based on jurisdictional factors.

I don't know how you Pdp lackeys always display legal ignorance. No wonder Atiku has become a political bushbaby cos you all are legal blockheads.