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A Hedge Fund Steps Into Nigeria’s $9 Billion Corporate Dispute - Business - Nairaland

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A Hedge Fund Steps Into Nigeria’s $9 Billion Corporate Dispute by maol27(m): 7:11am On Mar 18, 2019
Nigeria potentially faces the largest financial liability in its history, and a hedge fund is coming to collect. The legal and political drama involves a deal between the country and a tiny natural gas company that was scuttled after the sudden death of Nigeria’s president in 2010. The company, Process & Industrial Developments (P&ID), sued and won a staggering judgment, now worth $9 billion. But it’s spent years trying to get the country to pay that award, equivalent to almost 2.5 percent of its annual gross domestic product.

Now a hedge fund managed by VR Capital Grouphas taken a large stake in P&ID. And the gas company is trying to pull levers of power in the U.S. and the U.K. to make Nigeria settle or, failing that, enable the company to start seizing assets.

Two years ago, P&ID won a decision against the government of Nigeria, which reneged on an agreement allowing the natural gas company to harvest hydrocarbons. Although lawyers for Nigeria say the company never put a shovel in the ground, a London arbitration tribunal in 2017 awarded it $6.6 billion—with more than $1 million in interest accruing daily.

Source and more:
A Hedge Fund Steps Into Nigeria’s $9 Billion Corporate Dispute
http://www.sanwomi.com/2019/03/a-hedge-fund-steps-into-nigerias-9.html

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Re: A Hedge Fund Steps Into Nigeria’s $9 Billion Corporate Dispute by Blaksheep: 7:15am On Mar 18, 2019
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