More bad new for Nigerian govt as British court okays 9 billion dollars worth of Nigerian assets .



A British court has given Process and Industrial Development Limited (P&ID) the go-ahead to seize Nigerian assets worth $9 billion.

P&ID got a judgement in its favour in London on Friday.

The case in contention is a 2010 deal agreement to build a gas processing plant in Calabar which collapsed because Nigeria did not meet its end of the bargain.

More to follow…


Source : https://www.thecable.ng/breaking-british-court-pid-seize-nigerian-assets-worth-9bn

This is another huge blow to the fragile Nigerian economy

No be only seize na size..

Mtcheeew!

NgeneUkwenu:
No be only seize na size..

Mtcheeew!

They will seize it because of the folly of your Buhari who has caused Nigeria to lose 9 billion dollars in a bid to avoid paying just 200 million dollars or allowing the contract go on

FarahAideed:
This is another huge blow to the fragile Nigerian economy

Yes my nigga, it's really another fragile blow for the wailing wailers . Especially the ones that failed to mention when the contract was signed and who were those that signed the contact. Schmuck

2010 when GEJ and Igbo and some selected PDP members are busy stealing the country treasure. This is a result of allowing clueless ineffective to power. They only think about present, from hand to mouth.

FarahAideed:



They will seize it because of the folly of your Buhari who has caused Nigeria to lose 9 billion dollars in a bid to avoid paying just 200 million dollars or allowing the contract go on

Your darling PDP signed the contract that led to this mess. They deliberately entered into a contract they knew they couldn’t execute and even when the Irish company went to arbitration in UK, the Jonathan administration didn’t put in any serious effort to defend the country. $6.6billion was awarded to the company in 2013 and the new figure of $9billion is as a result of accumulated interest. Jonathan should be held solely responsible for this nonsense.

Nigeria should immediately appeal the judgement. While the appeal in ongoing, other option like negotiating directly with the company should be considered.

FarahAideed:



They will seize it because of the folly of your Buhari who has caused Nigeria to lose 9 billion dollars in a bid to avoid paying just 200 million dollars or allowing the contract go on

Even when it's stated the contract was signed in 2010? The rate at which you are going, you will blame Buhari the day they announce Sheka is arrested.

FarahAideed:



They will seize it because of the folly of your Buhari who has caused Nigeria to lose 9 billion dollars in a bid to avoid paying just 200 million dollars or allowing the contract go on

Why can't you verify your fact. Blame your former Drunkard president who lack any ingenuity.

Hmmm.

Why is US rubbing salt on our injury
May be because their plan to destabilize Nigeria using Sowore didn't work

FarahAideed:



They will seize it because of the folly of your Buhari who has caused Nigeria to lose 9 billion dollars in a bid to avoid paying just 200 million dollars or allowing the contract go on

No biggie. Nigeria will recover the $9 billion by mandating EFCC to turn the heat intensely on Jonathan, his illiterate wife and their corrupt cronies in PDP.

That's a lot of money! Didn't the Jonathan government read through and understand the terms and conditions of the agreement before signing and later reneging on it?? Kai!

WisdomFlakes:
That's a lot of money! Didn't the Jonathan government read through and understand the terms and conditions of the agreement before signing and later reneging on it?? Kai!

The contract was signed by Rilwan Lukman during the period of Yar’aduas sickness. When Jonathan took over, he failed to deliver on the terms of the contract. When the company went to arbitration in UK, he didn’t put up any serious defense until $6.6billion was awarded against the country for a company that did not build a single gate house in Nigeria.

FarahAideed:



They will seize it because of the folly of your Buhari who has caused Nigeria to lose 9 billion dollars in a bid to avoid paying just 200 million dollars or allowing the contract go on

Actually Jonathan is to blame for the mess. The original agreement was signed under his watch (2010), after which his administration failed to fulfill its part and reneged on the agreement and was sued for it. As at 2013 (still under Jonathan administration) a court judgement awarding the plaintiff a sum of $6.6bn was reached. This latest judgement is just a reinforcement of that earlier 2013 judgement, highlighting the fact that the judgement amount has now risen to $9bn.

Afamed:

Even when it's stated the contract was signed in 2010? The rate at which you are going, you will blame Buhari the day they announce Sheka is arrested.

The contract was breached by Buhari ..I have been following the case

FarahAideed:


The contract was breached by Buhari ..I have been following the case

How could Buhari have breached a contract that a punitive judgement (of $6bn) had already been awarded over before his administration came about?? I think your rabid hatred for the man has dulled your reasoning faculty. Below is a more detailed report of the matter:

https://www.vanguardngr.com/2019/08/breaking-british-court-orders-irish-firm-to-seize-9b-nigerias-foreign-reserves/


…Deal struck during Ex-President Goodluck Jonathan’s government

By Anthony Ogbonna

A British court has ordered an Irish firm, Process and Industrial Developments Ltd (P&ID) to seize 20 per cent in assets, of Nigeria’s foreign reserves, amounting to $9bn (£7.4bn).


Justice Butcher of the British Commercial Court gave the ruling on Friday. The ruling will likely raise concerns among foreign investors. The case dates back to 2010, when Dr. Goodluck Jonathan was Nigeria’s president.

The Nigerian government, under Dr. Jonathan, had struck a deal with the Irish firm to supply gas to a processing plant built and run by P&ID in Calabar. The agreement was for a 20-year deal. But the Nigerian government failed to keep to her own side of the agreement, prompting the firm to take the case to court.

Meanwhile, in 2013, P&ID won a $6.6bn arbitration case against Nigeria. The figure was calculated based on what the company was estimated to have earned over the course of the 20-year agreement. But in today’s ruling, the firm said the amount had risen to $9bn following interest accrued so far, reports City A.M.

Today’s decision means that the arbitration is converted into a legal judgement, allowing P&ID to attempt a seizure of the assets. Andrew Stafford QC, P&ID’s lawyer, said: “We are pleased that the Court has rejected Nigeria’s objections both to the arbitration process and to the amount of the award, and that it will grant permission to P&ID to begin enforcement of the award in the United Kingdom.”

He added: “P&ID is committed to vigorously enforcing its rights, and we intend to begin the process of seizing Nigerian assets in order to satisfy this award as soon as possible.”

RockHard:


Actually Jonathan is to blame for the mess. The original agreement was signed under his watch (2010), after which his administration failed to fulfill its part and reneged on the agreement and was sued for it. As at 2013 (still under Jonathan administration) a court judgement awarding the plaintiff a sum of $6.6bn was reached. This latest judgement is just a reinforcement of that earlier 2013 judgement, highlighting the fact that the judgement amount has now risen to $9bn.

Jonathan govt had negotiated an 850 million dollars out of court deal with PID which Buhari rrfused to honor...it's Buharis fault we are in this mess

FarahAideed:


Jonathan govt had negotiated an 850 million dollars out of court deal with PID which Buhari rrfused to honor...it's Buharis fault we are in this mess

Whose administration signed the agreement? Jonathan
Whose administration breached the agreement? Jonathan
Under whose administration was the $6bn punitive judgement awarded? Jonathan

Jonathan admin breached the agreement in 2010, they were sued and judgement of $6bn was awarded against his administration for breach of contract in 2013. Why did Jonathan breach the agreement he signed to incur that punitive judgement in the first place? You are not even addressing his administration's incompetence and culpability in generating the problem to begin with, but you are quick to blame a Buhari administration that was NOT even party to any of the agreements, for not honouring a so-called negotiatied out-of-court settlement. With whose money? Nigerian taxpayers money? Which money was Jonathan gonna pay that settlement from? His wife's? Who does that? Why did Jonathan renege on the initial agreement? That's the billion dollar question. If he hadn't done that we won't even be talking about this issue.

FarahAideed:


The contract was breached by Buhari ..I have been following the case

You are a liar with bad memory, when the in 2013, the company has won a case of failure to honor the contractual agreement against Nigeria? This boy, must you always lie par second billing of your life?

When them sell the country finish, we go pack our loads go meet who buy am

FarahAideed:


The contract was breached by Buhari ..I have been following the case

Was Buhari the President when the firm won $6.b in 2013 for the breach of contract? Are you sure you are ok?

FarahAideed:


Jonathan govt had negotiated an 850 million dollars out of court deal with PID which Buhari rrfused to honor...it's Buharis fault we are in this mess

You are really very slow. If you become president today and a negotiated judgement debt of $850millio is presented to you in favour of a foreign company that did nothing for the country, will you just give approval for payment or try and get the details of the entire deal?

Right from inception of the contract, the plan had been to scam the good people of Nigeria. The corrupt PDP government never had any plan for production of wet gas. They signed a contract that gave absolute advantage to a foreign company, refuse to execute the contract, refuse to put up any serious legal defense and then rushed to corruptly negotiate almost a billion dollars away. It’s a shame people like you are even defending this nonsense.

seunmsg:


You are really very slow. If you become president today and a negotiated judgement debt of $850millio is presented to you in favour of a foreign company that did nothing for the country, will you just give approval for payment or try and get the details of the entire deal?

Right from inception of the contract, the plan had been to scam the good people of Nigeria. The corrupt PDP government never had any plan for production of wet gas. They signed a contract that gave absolute advantage to a foreign company, refuse to execute the contract, refuse to put up any serious legal defense and then rushed to corruptly negotiate almost a billion dollars away. It’s a shame people like you are even defending this nonsense.

My comrade, that boy is one of the problems we are having in society today in Nigeria.
You will be surprised to hear this, during one of my one on one conversation with FarahAideed, he came open to me, that his problem started when MTN was fined some years ago for sim violation/ infraction in 2015. He said despite MTN was found of aiding security threat by not properly registered their customers lines , MTN should not have been fined.That he lost his contract with MTN, and since that day, the Faraideed has picked PMB as his number one enemy

seunmsg:


You are really very slow. If you become president today and a negotiated judgement debt of $850millio is presented to you in favour of a foreign company that did nothing for the country, will you just give approval for payment or try and get the details of the entire deal?

Right from inception of the contract, the plan had been to scam the good people of Nigeria. The corrupt PDP government never had any plan for production of wet gas. They signed a contract that gave absolute advantage to a foreign company, refuse to execute the contract, refuse to put up any serious legal defense and then rushed to corruptly negotiate almost a billion dollars away. It’s a shame people like you are even defending this nonsense.

My comrade, that boy can sell Nigeria as long as the price is right.They are less concern about the existence of other Nigerians as long as they are benefiting from the shading deals

Afamed:

You are a liar with bad memory, when the in 2013, the company has won a case of failure to honor the contractual agreement against Nigeria? This boy, must you always lie par second billing of your life?

Read and be informed Mister man

https://www.premiumtimesng.com/news/headlines/271674-exclusive-how-buhari-plunged-nigeria-into-n2-7-trillion-mess-while-spiting-jonathan.html

FarahAideed:


Read and be informed Mister man

https://www.premiumtimesng.com/news/headlines/271674-exclusive-how-buhari-plunged-nigeria-into-n2-7-trillion-mess-while-spiting-jonathan.html

Reframing your lies 100 times , do not make them to be truth.

seunmsg:


The contract was signed by Rilwan Lukman during the period of Yar’aduas sickness. When Jonathan took over, he failed to deliver on the terms of the contract. When the company went to arbitration in UK, he didn’t put up any serious defense until $6.6billion was awarded against the country for a company that did not build a single gate house in Nigeria.

On the contrary, the Jonathan govt had secured an out-of-arbitration settlement that would have seen Nigeria pay less than $1 million. This was handed over to Buhari but rather than pay, he spitefully trashed the settlement and ordered lawyers back to the arbitral panel. The government team were not even diligent in attending the proceeding of defending the issue so this judgment was issued against Nigeria.

You know this truth but you deliberately avoid it just so you can paint GEJ bad. Continue!

FarahAideed:


Read and be informed Mister man

https://www.premiumtimesng.com/news/headlines/271674-exclusive-how-buhari-plunged-nigeria-into-n2-7-trillion-mess-while-spiting-jonathan.html

Reframing your lies with another network do not still validate them to be truth

Not surprising.This is what you get having a dullard-in-chief
Remember when Premium Times ran this story about the impending judgement then and it's implications.
Obvious he didn't understand the implications of such a judgement or even the case itself.
This is the result of having an intellectually challenged bigot as your Head of government.

mushystuff:


On the contrary, the Jonathan govt had secured an out-of-arbitration settlement that would have seen Nigeria pay less than $1 million. This was handed over to Buhari but rather than pay, he spitefully trashed the settlement and ordered lawyers back to the arbitral panel. The government team were not even diligent in attending the proceeding of defending the issue so this judgment was issued against Nigeria.

You know this truth but you deliberately avoid it just so you can paint GEJ bad. Continue!

Leave these nauseating souls to continue wallowing in their repugnant blame game while a rse licking the Daura President.
PremiumTimes ran a very detailed story on this case then and how Buhari's government refused to honor the out of court settlement and the implications of Nigeria not settling or successfully appealing the judgement.
These people are sick with Daura cow dung sniffing.

RockHard:


Whose administration signed the agreement? Jonathan
Whose administration breached the agreement? Jonathan
Under whose administration was the $6bn punitive judgement awarded? Jonathan

Jonathan admin breached the agreement in 2010, they were sued and judgement of $6bn was awarded against his administration for breach of contract in 2013. Why did Jonathan breach the agreement he signed to incur that punitive judgement in the first place? You are not even addressing his administration's incompetence and culpability in generating the problem to begin with, but you are quick to blame a Buhari administration that was NOT even party to any of the agreements, for not honouring a so-called negotiatied out-of-court settlement. With whose money? Nigerian taxpayers money? Which money was Jonathan gonna pay that settlement from? His wife's? Who does that? Why did Jonathan renege on the initial agreement? That's the billion dollar question. If he hadn't done that we won't even be talking about this issue.

First, note that the agreement was signed by Rilwan Lukman when Yar'adua was still President but sick. Yes, the $6 billion award was given against Nigeria in 2013. However, parties were able to negotiate a successful reduction of the sum to less than $1 million who would have been accepted by the company. Buhari and co disregarded this and decided to go back to the arbitration panel. Now, did you read to see that the government team refused to attend the arbitration proceedings? Whose responsibility is that? If they refused to go defend and perhaps get the previous award overturned if they felt they had a stronger case whose fault is that?

Now that Buhari refused to accept a negotiated settlement is this scenario better? Why were they not diligent in dealing with the issue since they wouldn't accept settlement terms?
Today Nigeria is faced with this looming loss and rather than deal with facts plus d knowledge that government is ad continuum you are calling Jonathan. Who caused the extra accumulation of interest? All the debts the Buhari administration have incurred now is it not other coming governments that will pay? I hope you will insult Buhari then too as you are attacking Jonathan now over the ineptitude of Buhari and his APC.