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Nairaland Forum / Nairaland / General / Politics / Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim (21287 Views)
$9.6b Award: UK Court Orders Stay Of Execution, Demands $200m Security Deposit / $9.6b Judgment: P&ID Owner’s Son Reaches Out To FG / Faces Behind Deal That Landed Nigeria In $9.6bn Mess (2) (3) (4)
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Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by PureFace1(m): 4:12am On Sep 04, 2019 |
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/ 12 Likes 2 Shares |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by crownwealth: 4:49am On Sep 04, 2019 |
Buhari is indeed clueless but Osunbade is even super clueless. Fake everything. 26 Likes |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by bigtt76(f): 4:49am On Sep 04, 2019 |
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? 10 Likes |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by MANNABBQGRILLS: 5:25am On Sep 04, 2019 |
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.......... 8 Likes 2 Shares |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by Opinedecandid(m): 5:26am On Sep 04, 2019 |
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. 7 Likes 1 Share |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by OgboAto: 5:26am On Sep 04, 2019 |
X |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by Ikpeazukerosene: 5:27am On Sep 04, 2019 |
bigtt76: 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..." 35 Likes 4 Shares |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by Rexnegro(m): 5:27am On Sep 04, 2019 |
I no understand this pid whatever thing... anyone to explain please? |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by Ikpeazukerosene: 5:27am On Sep 04, 2019 |
crownwealth: 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. 95 Likes 13 Shares |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by AcMilano1(m): 5:28am On Sep 04, 2019 |
Last last we are not going to pay that money 19 Likes 2 Shares |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by Ikpeazukerosene: 5:28am On Sep 04, 2019 |
AcMilano1: We won't pay 1 cent. 13 Likes 1 Share |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by MANNABBQGRILLS: 5:29am On Sep 04, 2019 |
crownwealth:U go wail, u go lose weight by force! 49 Likes 6 Shares |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by MANNABBQGRILLS: 5:30am On Sep 04, 2019 |
Ikpeazukerosene:Hehehehe . Finishing. 29 Likes 4 Shares |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by mrdan(m): 5:31am On Sep 04, 2019 |
Rexnegro: Read this, posted yesterday. It would explain it well. https://www.nairaland.com/5394946/nigerias-9-billion-debt-p 6 Likes |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by InvertedHammer: 5:31am On Sep 04, 2019 |
/ They found a loophole. Now the question is: Who is competent enough to make the oral submission in an international court? / 1 Like |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by northvietnam(m): 5:31am On Sep 04, 2019 |
cuz e concern money .... |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by anonimi: 5:32am On Sep 04, 2019 |
PureFace1: 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. 11 Likes |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by mrdan(m): 5:32am On Sep 04, 2019 |
crownwealth: 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. 21 Likes 4 Shares |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by superior1: 5:32am On Sep 04, 2019 |
Buhari that can’t find his brain 1 Like |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by Bliss955(m): 5:33am On Sep 04, 2019 |
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. 5 Likes 1 Share |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by SHOPPERS(m): 5:33am On Sep 04, 2019 |
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. 23 Likes 3 Shares
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Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by israelmao(m): 5:33am On Sep 04, 2019 |
Our colonial master are yet to give us free rein even after the independence.Freedom is not given ,freedom is earned. |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by ShhItsPablo(m): 5:33am On Sep 04, 2019 |
Really |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by Rexnegro(m): 5:35am On Sep 04, 2019 |
mrdan:thanks bro I appreciate |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by Nobody: 5:35am On Sep 04, 2019 |
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 8 Likes 2 Shares |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by ojobek: 5:36am On Sep 04, 2019 |
This law is hitherto refers to the matter between states as an entities and not applicable in this particular one.Dead brain everywhere. 3 Likes 1 Share |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by anonimi: 5:39am On Sep 04, 2019 |
Ikpeazukerosene: AcMilano1: 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 [img]https://4.bp..com/-hxkbcMA-Gds/Vi_jnwVSIoI/AAAAAAAHG5I/0h9m6kBQqpE/s400/10.jpg[/img] 4 Likes |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by anonimi: 5:40am On Sep 04, 2019 |
superior1: Can he find something that was never there 6 Likes |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by nextstep(m): 5:41am On Sep 04, 2019 |
Countries that don't honor their obligations/judgements/contracts have a hard time getting bonds or investments later on. Ask Venezuela... 5 Likes 1 Share |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by anonimi: 5:42am On Sep 04, 2019 |
niaralandtopuser: 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 3 Likes |
Re: Buhari Govt. Finds Silver Bullet To Shoot Down $9.6b P&ID Claim by Ikpeazukerosene: 5:43am On Sep 04, 2019 |
anonimi: 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. 19 Likes 4 Shares |
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