ijustdey:
Nigeria’s foreign assets at risk as Enron seeks to enforce $22m arbitration award



https://www.thecable.ng/exclusive-nigeria-risks-foreign-assets-as-enron-seeks-to-enforce-22m-arbitration-award

https://www.youtube.com/watch?v=e5qC1YGRMKI


https://www.youtube.com/watch?v=ZkxrrTIxb9A

May God save this country








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Yankee101:
Why is nigeria suddenly owing alot of funny money under Malami, and he is so quick to negotiate?

He never invokes the sovereignty clause but is eager to pay

I can't blame you for not understanding how reputations work in credit-markets, since you don't live in a country where things like credit ratings matter for ordinary people, but having a reputation for paying one's debts promptly is a good thing - it means that you're able to borrow more cheaply, since lenders don't have to compensate so much for the risk of your defaulting. The real shame here is that many of Nigeria's leaders never understood this much, allowing Nigeria to develop a terrible international reputation in consequence.

E be things.



We construct Bio digester (Modern Sockaway). Quick to install. No waste removal. Little maintenance. Odorless. Little space required. Check my signature.

Let's go Mali way

A check reveals that 90% of nigeria's debts and court cases arise from power sector, and this is the only sector that has gulp trillions of dollar since independence till date without any significant improvement. They keep allocating billions of naira in every year's budget to this sector, but with zero output, darkness everywhere. This is as a result of having corrupt political leaders and appointees in government. From P&ID to ENPH, who knows how many we've not heard of until when it get to their neck.
This is saddening.

NIGERIA NEEDS RESTRUCTURING TO GET THINGS WORKING SMOOTHLY.

Nobody want to sacrifice under this current political arrangement.

NIGER DELTA REGION WHOSE CRUDE OIL HAS BEEN PAYING THE BILLS TO KEEP THE UNITY GOING IS ALREADY TIRED AND SATURATED.

The north that is not contributing any money to the federal treasury want to use Niger delta crude oil for their PLEASURE TRIP TO LAST VEGAS !

For how long can the Niger delta region or the southern region as a whole continue to fund the expenditure of other part of the country such as the north that is not contributing financially?

FOR HOW LONG MUST WE CONTINUE THIS "MONKEY DEY WORK BABOON DEY CHOP FEDERALISM"

The goose that laid the golden egg is now completely ignored.

Now Major General Monguno ( rtd ) + Buhari and other northerners have ganged up against the Niger delta region to plot how they can scrap NDDC, PAP ( Presidential Amnesty Programme )

NIGERIA IS GETTING CLOSER TO DISINTEGRATION.

It is just a matter of time.

The presidency will soon be auctioned because of debts

Yankee101:
Why is nigeria suddenly owing alot of funny money under Malami, and he is so quick to negotiate?

He never invokes the sovereignty clause but is eager to pay

When will they remove this biggest thief? He steals in dollars by way of commissions paid to consulting companies to Abacha recovery, funny international money nigeria is suddenly owing etc etc. Obasanjo nationalized BP and nigeria didn't lose sleep

remember all this happened before malami came on board

Yankee101:
Why is nigeria suddenly owing alot of funny money under Malami, and he is so quick to negotiate?

He never invokes the sovereignty clause but is eager to pay

When will they remove this biggest thief? He steals in dollars by way of commissions paid to consulting companies to Abacha recovery, funny international money nigeria is suddenly owing etc etc. Obasanjo nationalized BP and nigeria didn't lose sleep

All those clapping for the China loans should know that in years to come, this is exactly what we be dealing with.

techmo:


*Distribution companies are insisting on getting trillions for buy out , and if they would return electricity asset to Nigeria




.

....and the masses were shouting privitisation. I couldn't believe it was the same ENRON. If they had the nerves to shaft the American people in America... holding them to ransom... making them suffer "rolling blackouts".... until the FG put the hammer on them .... I think even their CEO was sentenced .....if they been raping the US... why wouldn't they sodomise Nigeria? Enron is super greedy and will stop at nothing to be paid.

Yankee101:
Why is nigeria suddenly owing alot of funny money under Malami, and he is so quick to negotiate?

He never invokes the sovereignty clause but is eager to pay

When will they remove this biggest thief? He steals in dollars by way of commissions paid to consulting companies to Abacha recovery, funny international money nigeria is suddenly owing etc etc. Obasanjo nationalized BP and nigeria didn't lose sleep

True that, what a shame that Nigeria is led by demented scallywag called politicians led by dead carcass called Buhari

Enron that almost collapse the world economy with the biggest fraud in history American government jailed the ceo Nigeria like associating with criminals

wink2015:
NIGERIA NEEDS RESTRUCTURING TO GET THINGS WORKING SMOOTHLY.

Nobody want to sacrifice under this current political arrangement.

NIGER DELTA REGION WHOSE CRUDE OIL HAS BEEN PAYING THE BILLS TO KEEP THE UNITY GOING IS ALREADY TIRED AND SATURATED.

The north that is not contributing any money to the federal treasury want to use Niger delta crude oil for their PLEASURE TRIP TO LAST VEGAS !

For how long can the Niger delta region or the southern region as a whole continue to fund the expenditure of other part of the country such as the north that is not contributing financially?

FOR HOW LONG MUST WE CONTINUE THIS "MONKEY DEY WORK BABOON DEY CHOP FEDERALISM"

The goose that laid the golden egg is now completely ignored.

Now Major General Monguno ( rtd ) + Buhari and other northerners have ganged up against the Niger delta region to plot how they can scrap NDDC, PAP ( Presidential Amnesty Programme )

NIGERIA IS GETTING CLOSER TO DISINTEGRATION.

It is just a matter of time.

Stop blaming Buhari. It's on record that Over 11trillion naira has been received so far by NDDC since inception. What development has the people in the region seen apart from some Nollywood MDs fainting up and down when it's time for accountability.

Yankee101:
Why is nigeria suddenly owing alot of funny money under Malami, and he is so quick to negotiate?

He never invokes the sovereignty clause but is eager to pay

When will they remove this biggest thief? He steals in dollars by way of commissions paid to consulting companies to Abacha recovery, funny international money nigeria is suddenly owing etc etc. Obasanjo nationalized BP and nigeria didn't lose sleep

Wasn't it Muritala Muhammed that nationalized BP and re named it AP?

techmo:




Malami is going to bankrupt Nigerians as our AGF

PDP signed so many stupid deals and only a seasoned lawyer and SAN can navigate Nigeria from series of pending litigations

*P&ID has a case with us running to billions

*Distribution companies are insisting on getting trillions for buy out , and if they would return electricity asset to Nigeria




.

Malami and Adoke... those guys should be charged for treason.

Nigeria is super rich, but her citizens are super poor.

The irony of a typical African country.

SO Nigeria not keeping its side of the contract made the company go bankrupt ?
Unstable govt policies.

Why I no dey understand this kind of news self

IvarTheBoneless:


Malami and Adoke... those guys should be charged for treason.

Ivar the Boss

I have another proposal.. instead of wasting our tax payers money on prosecuting them, let's ship them to North Korea and have them tied to one of Kim's fancy missiles, and lunch them against a rocky mountain

Nigerians will never knw what hit them , until they wake up one morning and see Chinese flags all over the place, and they will be match to labour camp to work for the loan their useless president borrowed

I looked up this Enron Nigeria Power Holding, Ltd. and discovered links to the UK's and the US. Their fingerprints are all over this lawsuit. Oyinbo countries never tire of sucking every morsel of resources out of Africa. And some of dem mumus in NASS worry about China investing in Naija.


The case of the day is Enron Nigeria Power Holding, Ltd. v. Federal Republic of Nigeria (D.C. Cir. 2016). Nigeria was party to a contract for construction of electrical facilities with ENPH. The contract was made in 1999, but almost immediately thereafter Nigeria suspended implementation, after it received a letter from the World Bank criticizing the economics of the contract. Soon thereafter, the Nigerian attorney general opined that the contract was invalid under Nigerian law. Although Enron sought Chapter 11 bankruptcy protection in 2011, ENPH informed Nigeria at the time of the bankruptcy that it was able to perform its obligations under the contract. After years of trying to renegotiate, ENPH demanded an arbitration by the
ICC’s International Court of Arbitration, in London. The ICC entered an award in favor of ENPH, and ENPH sought confirmation in Washington. The district court confirmed the award, and Nigeria appealed.


https://lettersblogatory.com/2017/01/09/case-of-the-day-enron-nigeria-power-holding-v-nigeria/

una no know the STORY. ENRON was going BANKRUPT, someone in LAGOS GOVT must have played this SCAM game to get MONEY from NIGERIA.
una no know the STORY. ENRON was going BANKRUPT, someone in LAGOS GOVT must have played this SCAM game to get MONEY from NIGERIA.
una no know the STORY. ENRON was going BANKRUPT, someone in LAGOS GOVT must have played this SCAM game to get MONEY from NIGERIA.
una no know the STORY. ENRON was going BANKRUPT, someone in LAGOS GOVT must have played this SCAM game to get MONEY from NIGERIA.

ospido:



Wasn't it Muritala Muhammed that nationalized BP and re named it AP?

August 1, 1979

Obj was head of State, Thatcher was Prime Minister


https://www.washingtonpost.com/archive/politics/1979/08/01/nigeria-nationalizes-bps-oil-holdings/36b82a67-050d-4c57-92c3-ba751eacf112/

When the contract was suspended for negotiation why did Enron continue working? Ignoring the suspension and trying to force Nigeria to pay? I hope that was factored into this case. Also, they should be paid if any work was done. We need to stop accumulating interest on valid judgments and the court should stop adding interest on cases on appeal. That’s crazy. Maybe Nigeria should look to using Swiss Banks for their foreign reserves.

techmo:




Malami is going to bankrupt Nigerians as our AGF

PDP signed so many stupid deals and only a seasoned lawyer and SAN can navigate Nigeria from series of pending litigations

*P&ID has a case with us running to billions

*Distribution companies are insisting on getting trillions for buy out , and if they would return electricity asset to Nigeria




.

Child of yesterday, So Lagos was under PDP or what are you saying? It was a Lagos government arrangement, then under that jegudu jera governor but of course, federal government guaranteed thinking it was out of goodwill not knowing jedgudu jera governor had other plans

FrLukas:
Nigeria is super rich, but her citizens are super poor.

The irony of a typical African country.

Nigeria is NOT "super rich"; Nigeria is super-poor, because it is mostly made of super-poor, badly educated, low-productivity citizens. Like many others, you mistake the relatively miniscule amount of oil-rents available to the FG for great wealth because you don't bother to consider how little that amounts to when shared amongst 200 million people (and rapidly rising). In truth, even young companies like Amazon, Facebook and Google (none of which existed just 30 years ago), make more in a single quarter (3 months) than Nigeria earns from oil in an entire year. Nigeria is a dirt-poor failed state.

ijustdey:
Nigeria’s foreign assets at risk as Enron seeks to enforce $22m arbitration award



https://www.thecable.ng/exclusive-nigeria-risks-foreign-assets-as-enron-seeks-to-enforce-22m-arbitration-award

What's the problem of nigerians? Always looking for an avenue to defraud the country, what's the difference between these white collar thieves signing contracts civil servants and Yahoo boys- they make sure the govt default on these contracts and then they claim money from Nigeria - all the civil servants involved in this should be held liable And tried and jailed adequately

Like Magu Like Mallami

NEPA suspended the PPA on December 15, 1999 for renegotiation.

Abubakar Malami, attorney-general of the federation (AGF) and minister of justice, is now seeking approval from President Muhammadu Buhari to negotiate the award to protect the country’s assets, TheCable can report.

Why Negotiation instead of looking for a way out for the Country over a project that was suspended a year it commences

omohayek:

Nigeria is NOT "super rich"; Nigeria is super-poor, because it is mostly made of super-poor, badly educated, low-productivity citizens. Like many others, you mistake the relatively miniscule amount of oil-rents available to the FG for great wealth because you don't bother to consider how little that amounts to when shared amongst 200 million people (and rapidly rising). In truth, even young companies like Amazon, Facebook and Google (none of which existed just 30 years ago), make more in a single quarter (3 months) than Nigeria earns from oil in an entire year. Nigeria is a dirt-poor failed state.

Yeah. The UAE and Qatar too are dirt poor because they didn't invent Google and Facebook etc.

The same dirt poor nation keeps generating billions of dollars to be stashed in Western banks.

Obviously you aren't close to any Nigerian politician to see how they spend money recklessly.

The problem with Nigeria is not lack of money, it is knowing what to do with it silly because airheads are in charge.

Take a look for yourself at the value of oil in the last 10 years and come back and tell us how super broke Nigeria is.

Besides, not only is Nigeria super rich financially, it is super wealthy in natural and human resources

So, how is Nigeria dirt poor again?

There is no other option than to negotiate with Enron. It will really take a long time to deal with all the mess that the stupid PDP administration put us into during the 16 miserable years that they ruled the country.