Down Stephen’s Lane in the south of Dublin city centre, near what used to be Dobbins bistro, an empire sits behind a set of wrought iron gates. It doesn’t look like much from the outside: a small building with bars on the windows and doors. But it is at the epicentre of a $9.6 billion (€8.6 billion) battle with the Nigerian government.

It is the Dublin offices of Industrial Consultants (International), which is closely linked to an offshore company, Process & Industrial Development (P&ID), founded by two Irish men, Brendan Cahill and late former showbands manager, Mick Quinn.

P&ID won the largest arbitration award in history against Nigeria over a failed 2010 gas deal with its government. Earlier this month, a British court confirmed the award for profits lost on the contract to build a refinery. Nigeria had signed up to provide the gas.

The scheme never happened and Quinn and Cahill’s company brought the case, as per their contract, to a London arbitration panel, which awarded them more than 20 years of projected returns. The award accrues more than $1 million per day in interest, and has sparked a political scandal in Nigeria, threatening a fifth of its foreign reserves.

Financial backing
Even with a UK judgment, how does a company linked to another company down a lane in Dublin collect more than $9 billion from an angry foreign state? It can only do so with huge institutional, legal and financial backing. Even then, the truth is that it will be difficult. But even a slice of such a monstrous cake would be a feast.

P&ID, backed by hedge funds and armed to the teeth with lawyers and lobbyists, is now running an insurgent campaign for payment.

From a public relations and legal point of view, it has the Nigerians on the run. The African state’s leaders look to be in total disarray.

P&ID’s slick campaign is an exemplar of the financial cottage industry that has built up around squeezing debts from sovereign states.

Quinn and Cahill are the sort of influential Irish businesspeople who remained largely unknown outside their immediate circles. Quinn, a close associate of the late politician Liam Lawlor and from a working class Dublin city suburb, passed away in 2015 and never got to savour full victory against Nigeria. According to legal documents he submitted to the London arbitration hearing, he first started doing business there in the 1980s in the commodities sector, after he quit the entertainment business. He always kept close links with Albert Reynolds, whom he knew from his time putting on shows in dance halls.

Quinn was once charged in Nigeria with allegedly being part of a Russian spy ring, although those charges were later dropped. Together with Cahill, with whom he appears to have hooked up in the 1980s in Industrial Consultants, he worked on deals in Nigeria doing everything from refurbishing tanks to building port infrastructure.

Many of their ventures can be traced back ultimately to the house on Stephen’s Lane.

Cahill, who is 71 and occasionally speaks on behalf of P&ID, maintained an even lower profile than Quinn. He works as a business consultant and adviser, and once tried to broker a deal to finance an attempted takeover of Switzers department store, now Brown Thomas, in Dublin.

Cahill helped to set up the Nigerian Irish Friendship Association in 1989. With Quinn, he became involved in all sorts of business ventures, including Kent Steel, which in the 1990s tried to develop a new steel-making technique using Russian scientists at an ESB plant in Roscommon.

The two men also once attempted to broker a deal to allow a Nigerian state oil company take over the Whitegate/Whiddy facility in Cork. In Nigeria, they were partners on scores of industrial projects.

‘Swan song’
After almost 30 years of doing business there, the 2010 gas refinery deal was to have been Quinn’s “swan song” in the country, according to documents from P&ID. But the deal went sour, the regime changed, and the row went legal. It ended up in enforcement proceedings in the UK courts, where P&ID prevailed, and in a US court, where the case is ongoing.

Bloomberg has reported that company documents in the British Virgin Islands, where P&ID is located, show that a US hedge fund, VR Capital, has taken a 25 per cent stake in the business. It is likely that VR’s investment is funding P&ID’s campaign.

The US Senate lobbying register shows that P&ID has hired a phalanx of law firms and professional lobbyists to help it in an asymmetric fight against the Nigerian state. These include Black Diamond Strategies, whose staff includes former Trump strategist Doug Davenport, sovereign debt fight-specialist DCI Group and Kobre & Kim, the law firm that represents it in court.

P&ID has set up slick websites, social media accounts and document resource centres for media that have left its opponent’s paltry PR efforts in the dust.

Nigeria says it will appeal the award, and Cahill and the late Mick Quinn have been criticised heavily in the local press. President Muhammadu Buhari has ordered a criminal investigation into the awarding of the 2010 contract, and the country is trying to reassure investors that it is not about to lose 2.5 per cent of its GDP to a gas investor.

When developing sovereign states in financial rows come up against determined foes bankrolled by hedge funds, it isn’t always apparent who is David and who is Goliath.
https://www.irishtimes.com/business/financial-services/9-6bn-nigerian-claim-shows-perils-for-states-in-rows-with-dogged-foes-1.4001480

Frontpage Lalastiscala. We had government officials that went into an agreement with with P&ID where one of the owners Cahill was once charged in Nigeria with being a member of a Russian spy ring. This is what happens when background checks are not taken seriously.

This is the same complacency that was overlooked when prominent members of Buhari cabinet members were appointed to office, despite having fantastically corrupt court cases and government white papers indictment.

How does this reverse the court Judgement? How does this stop FG from paying up ?

After all the garagara, una go pay the money

FarahAideed:
How does this reverse the court Judgement? How does this stop FG from paying up ?

Oloriburuku ni e.
Omo Iran kiran

kaorama:
After all the garagara, una go pay the money

they don't know waiz goin on

ChiefkeefGB4:

As much as I hate Buhari's fantastically corrupt government and tyrannical rule. I will never side with foreigners against Nigeria. At the end of the day it is common man that will suffer if we pay P&ID- the corrupt polticians will still be okay and continue to be the highest paid in the world,continue inflating projects cost,collecting bribes,moving their loot in bullion vans.

God bless you.
Just look at that ediot I quoted.
Despite evidence that this is an organised fraud, the fool is still supporting the firm.
Omo ofo

kaorama:
After all the garagara, una go pay the money

Go and pay the money na

1shortblackboy:
they don't know waiz goin on

100

FarahAideed:
[s]How does this reverse the court Judgement? How does this stop FG from paying up ?[/s]

Thrash

10 Kobo those scammers will not see , the case will get messier and will eventually end up as stalemate.

The fraudulent contract was signed in Nigeria. So it is under jurisdiction of efcc to carry out thorough investigation to unveil the fifth columnist that want to aid Irish scammers to swindle Nigeria billions of dollars with imaginary project that never existed.

I like fact that Nigeria is also approaching US Court too, since everybody want to crazy let us all be .

The icing on the cake is the recent collaboration between FBI and EFCC on fraud and wire scam means EFCC can also sought for FBI assistance in investigation of the scammers behind the phony company.

PID nonsense will not get any penny from ngieria's purse.

ORIENTATION101:
10 Kobo those scammers will not see , the case will get messier and will eventually end up as stalemate.

The fraudulent contract was signed in Nigeria. So it is under jurisdiction of efcc to carry out thorough investigation to unveil the fifth columnist that want to aid Irish scammers to swindle Nigeria of billions of dollars with imaginary project that never excited.

I like fact that Nigeria is also approaching US Court too, since everybody want to crazy let us all be .

The icing on the cake is the recent collaboration between FBI and EFCC on fraud and wire scam means EFCC can also sought for FBI assistance in investigation of the scammers behind the phony company.

PID nonsense will not get any penny from ngieria's purse.

This is he consequence of Nigeria being a lawless jungle. There has never been any punishment or jail time for government officials for economic treason or corruption despite the fact they have looted $400 billion dollars since 1960.

Even if we pay the $9 billions dollars they are a couple of former Head of States(IBB,OBJ,Abdusalami) and Governors(Tinubu,Amaechi,Sylva,Akpabio etc) we can recover the money from if the country was serious in fighting corruption.

Even though this is a pr work for the FG, It's gradually revealing the details.
How can a portfolio company be making this nonsense claim of about $1bn or $10bn for one unknown project.
They claimed Addax Petroleum (The coy Ministry of Petroleum agreed to supply the gas) refuses, if that is the case, where was the gas meant to be supplied? Is it to air? There must have been a plant where the gas was meant to move to? If the company(Addax) do not agree to supply before even having the plant, how then was such a contract signed since there was no agreement on whom to supply the product?

OlujobaSamuel:
Even though this is a pr work for the FG, It's gradually revealing the details.
How can a portfolio company be making this nonsense claim of about $1bn or $10bn for one unknown project.
They claimed Addax Petroleum (The coy Ministry of Petroleum agreed to supply the gas) refuses, if that is the case, where was the gas meant to be supplied? Is it to air? There must have been a plant where the gas was meant to move to? If the company(Addax) do not agree to supply before even having the plant, how then was such a contract signed since there was no agreement on whom to supply the product?

The APC officials will want a cut in the deal when they eventually come to a settlement. Based on their antecedents of only thinking about their pockets at the expense of the country, they will negotiate to receive their cuts in tax havens like Cayman Islands,Isle of Man, British Virgin Islands.

Imagine $1m per day in interest...

P&ID are jokers.. They should go and ask for refunds from whoever collected money from them

It was only yesterday I began to understand some of the details. If the so called P&ID have an issue with Addax, why are they suing Nigeria and not Addax? Any why are they not using a court in Nigeria instead of UK?

OlujobaSamuel:
Even though this is a pr work for the FG, It's gradually revealing the details.
How can a portfolio company be making this nonsense claim of about $1bn or $10bn for one unknown project.
They claimed Addax Petroleum (The coy Ministry of Petroleum agreed to supply the gas) refuses, if that is the case, where was the gas meant to be supplied? Is it to air? There must have been a plant where the gas was meant to move to? If the company(Addax) do not agree to supply before even having the plant, how then was such a contract signed since there was no agreement on whom to supply the product?

9jatriot:
It was only yesterday I began to understand some of the details. If the so called P&ID have an issue with Addax, why are they suing Nigeria and not Addax? Any why are they not using a court in Nigeria instead of UK?

This whole deal is just a big mess. The Nigerians that sold the country out should be charged.

FarahAideed:
How does this reverse the court Judgement? How does this stop FG from paying up ?

They have bursted una plan ?

Afamed:

They have bursted una plan ?

helinues:
Imagine $1m per day in interest...

P&ID are jokers.. They should go and ask for refunds from whoever collected money from them

100

good....next is to investigate VR Capital....

shey you nigerians see now how names that we never heared of start poppin up....??

Jimasun:

Go and pay the money na

let him pay it from his own pocket....

tsdarkside:
good....next is to investigate VR Capital....

shey you nigerians see now how names that we never heared of start poppin up....??

The Irish Times is exposing them because Ireland has nothing to gain if P&ID get payed. They are registered in British Virgin Islands a tax haven- the owners and their Nigerian collaborators will not pay any tax.

Some investigative work here
Looks like a scam in the works. Nigeria shine your eyes

aolawale025:
Some investigative work here
Looks like a scam in the works. Nigeria shine your eyes

Nigerian leaders sold us out. Don't be surprised to wake up one day to find out Nigeria has been sold,

ChiefkeefGB4:

The Irish Times is exposing them because Ireland has nothing to gain if P&ID get payed. They are registered in British Virgin Islands a tax haven- the owners and their Nigerian collaborators will not pay any tax.

we have to dig deeper and deeper....international cooperate world is corrupt as a morafvcker anyways....

9billion my foot....

f them...!!

tsdarkside:


we have to dig deeper and deeper....international cooperate world is corrupt as a morafvcker anyways....

9billion my foot....

f them...!!

They are economic hitmen, who found Nigerian government officials willing to commit treason to swindle the country.

The $9 billion will still be looted by Nigeria's fantastically corrupt politians if we don't pay P&ID, but at least some of the loot will trickle down to some of the masses.

ChiefkeefGB4:

They are economic hitmen, who found Nigerian government officials willing to commit treaon to swindle the country.

The $9 billion will still be looted by Nigeria's fantastically corrupt politians if we don't pay P&ID, but at least some of the loot will trickle down to some of the masses.

yes....lets minimize the damage....

tsdarkside:


yes....lets minimize the damage....

We are on the same side.

It is going to get messy when they try to negiotiate the payment. APC officials will want their own cut and want a SPV(Special Purpose Vehicle) created to make the payment and help distribute their shares to secret bank accounts in tax havens.