Wickedfacts:


P&ID took this same case to the US and lost woefully before they ran to the UK. Since Nigeria had their time, they have not made a single progress in the UK courts.

Mind you, the laws of the UK expressly state that they can't enforce arbitral proceedings or judgements against foreign states without consent of the State.

Did Nigeria give consent?

Ecstasy154:
By Ikechukwu Nnochiri – Abuja

The Federal Government, on Friday, said it has succeeded in securing variation of the United Kingdom court order that previously mandated it to make a cash payment of $200million as security, pending the determination of the appeal it lodged against Process and Industrial Developments (P&ID) Limited, P&ID.

The Attorney General of the Federation and Minister of Justice, Abubakar Malami made this known in a statement that was issued by his Special Assistant on Media and Public Relations, Dr. Umar Jibrilu Gwandu.

He disclosed that the variation request which the UK court granted on Thursday, followed an appeal FG filed against the payment of $200m security component which was a condition for stay of execution of the judgment in favour of P&ID.

According to the statement, the Court granted FG’s request for variation of terms of the order seeking to provide a bank guarantee in place of direct deposit.

“Our application for variation of the order was allowed and we are as a result not making cash deposit but posting a bank guarantee,” the AGF stated.

He said: “We remain in control of our funds by the act of acceptance of the guarantee.

“The Government is not paying the $ 200m cash but positing a bank guarantee by the variation of the order.

“The advantage of the variation in the judgment from direct deposition of cash to posting of bank guarantee is that the money and its control resides in the Federal Government unlike when otherwise.

“The success recorded so far in relation to the $200m security deposit is that the amount of money remain in our custody, and we are simply providing a document.

“It is only when our case did not succeed, which we never anticipate, then the court can order the withdrawal the amount as stated in bank guarantee”.

Malami said FG’s requested for change in the method of paying the security deposit because it believed that the entire

contract would be quashed on the basis of fraud.

He reiterated Nigerian government’s commitment to vigorously pursue the case with a view to setting aside the $9.6billion judgement liability against the country, as well as quashing the entire controversial gas supply contract P&ID is laying claim to.

https://www.vanguardngr.com/2019/11/pid-fg-secures-variation-of-uk-court-order-on-200m-deposit/

ernieboy:
Nigeria will lose if truly the govt violated a signed valid contract, uk courts are not like Nigerian courts where the govt has overwhelming influence, but if on the other hand the grounds for I violating the contract are legitimate, then Nigeria has a chance.

Venerable612:


You are right by half!

If you have followed the case, Nigeria defaulted on the contract. The question of breach and damages are no longer in contest.

What is in contest is the validity of the contract. If, for example, as the FG seems to argue, a contract was vitiated by Fraud - then it is void ab initio.

So technically, it means there was never a contract in the first place and the breach will be inconsequential.

deenee:




The govt says the contract is a fraud because there is no record of its deliberation at any FEC meeting and no mention of it in any budget that time. Besides the promoters have been convicted for fraud in the past.

Tchange1:


But mind you say na the accuser dey always get evidence pass the person wey dey innocent.

BigIyanga:

Zombie follower.. bank guarantee is a far worse than cash... cos such guarantee is going to be collaterized with Naija asset

BlackAfrican:


I'm certain it will give you immense pleasure if Nigeria loses this case... Enemy of the state

9jatriot:
If you have said equivalent, may there would have been some sense in what you are saying but saying worst than cash... Jeez and you call someone a zombie.

9jatriot:
I trust Buhari for matters like this. P&ID non go see 1 naira not to talk of dollars. It is just the Malami guy I do not trust.

ernieboy:
but the question is are those conditions necessary for a valid contract, especially when you consider we are talking about a different country here I.e. the u.k. anyway the courts will look at those issues and decide if they invalidate the contract.