₦airaland Forum

Una neva tire?? Why dont U all jus open up and call d US corrupt den

Dats exactly how some many nairalanders rush to comment without understanding

D same way U ppl vowed to impeach him abi?

Something some ppl have already sold for a Mudu of rice and wrapper in places like Ekiti and Osun...

Very Gud... Mayb He'll start to speak out against it... Mayb wen dis things starts to affect dem personally dey will stop playing politics with lives of ordinary Nigerians

U ppl are mad... Since wen do we have an Accident Investigation Bureau and wetin concern us with it's findings

Abacha didn't steal and wasn't corrupt but U are paying 15million in dollars to lawyers for helping to bring back his loot and even hiding it at dat.. Pls someone shld remind me what exactly d duties of d Chief Justice and the Attorney General of d Federation are. Both U and ur supporters are mad

ahiboilandgas:
you are very dump ....the bristish company WOULD have earn....very dump guy .....they didn't do any work for Nigeria....where is there gas processing plant

Now I know ur problem isn't jus English but common sense and lack of education is also lacking.. Go and Google d meaning of breach of contract is.. Ode

Lolzzz... Govt doing what dey know how to do best... Deny and divert attention.. Here's d real story

A London Arbitration Tribunal has awarded $8.9 billion fine against Nigeria in favour of a British firm, Process and Industrial Developments Limited (P & ID).
According to documents obtained at the weekend, P & ID had initiated moves to recover a judgment debt of $6.6 billion in damages plus $2.3 billion in uncollected interest, which was calculated at $1.2 million a day, according to a lead judgement by Lord Hoffman.
If Nigeria fails to pay the judgemnt fine before February 15, P&ID can enforce the award against the country by seizing its assets in the United Kingdom (UK).
Reacting to the development, the Director Press, Ministry of Petroleum, Mr Idang Alibi confirmed the financial obligation.
He said both the Federal Ministry of Petroleum Resources and the Federal Government are aware of the judgment and are doing something about it but gave no further details.
He, however, said the ministry will respond to the matter at the appropriate time.
The fine emanated from the contractual breach of three previous administrations of Presidents Olusegun Obasanjo, Umaru Yar’Adua and Goodluck Jonathan.
According to court papers, the judgment debt arose from the country’s failure to perform its contractual obligations under a gas supply and processing agreement it signed with P & ID. The judgment sum had snowballed into $9 billion as a result of interest calculated at seven per cent from the date the decision was reached by an arbitration tribunal in the UK.
According to the UK Tribunal ruling, it was noted that the agreement was executed on January 11, 2010, by P & ID and the Ministry of Petroleum Resources for and on behalf of the Federal Government to refine associated natural gas (also known as wet gas) into non-associated natural gas to be used by Nigeria in powering its national electric grid.
According to court documents, the ruling also stated that the tribunal found that Nigeria had repudiated the agreement by failing to satisfy its contractual obligations and eventually abandoning the project contemplated there under, causing the British firm to lose substantial profits it would have earned over the 20-year period during which Nigeria was to supply the company with natural gas.
Under the agreement, the P&ID project would have generated 3000 megawatts (Mw) of electricity for Nigeria. Natural gas that was being flared off would instead have been processed and used to generate electricity for Nigerians.
Court documents also showed that March 20, 2013, was the date on which P & ID accepted Nigeria’s repudiation of the agreement, however, the Nigeria did not move to set aside the final award at the seat of arbitration, and under English law, the deadline for doing so has long passed.
The failure to accept and secure a settlement has led to saddling Nigeria with over $9 billion of additional debt. According to court documents, earlier efforts to settle the contractual breach had been stalled by the Nigerian government. On May 3, 2015, P&ID offered to settle the dispute with the Nigerian government for $850 million. On May 30, 2015, the matter was brought before President Buhari and Vice President Yemi Osinbajo. The government rejected the $850 million settlement which was less than 10 per cent of the current judgment sum.
It was also learnt that at present, there is no idea which Nigeria assets would be affected, as this has not been decided but oil revenues might likely be targeted.
It was learnt that if P & ID is successful at the hearing scheduled for this month, it can enforce the award against Nigeria by seizing her assets in the UK. The tribunal ruling would give the company permission to enforce the award.
The consequences of the judgment will be devastating because Nigeria’s foreign currency reserves is about $43.2 billion which means the P&ID judgment alone will take over 11 per cent of the entire reserves.
The government’s contractual breach related to the supply of an agreed quantities of wet gas at first-150 million standard cubic feet per day (scf/pd), and finally, 400 million scf/pd during the 20-year period of supply while the firm was to strip away the heavy hydrocarbons known as Natural Gas Liquids (NGLs) that make wet gas unsuitable for electricity generation and return the lean gas thus created to the country. The refining process was to take place at the gas processing facilities to be built by P & ID on a site in Calabar, the Cross River States capital.
http://thenationonlineng.net/london-arbitration-tribunal-fines-nigeria-8-9b/amp/?__twitter_impression=true

ahiboilandgas:
keep quiet if u can't comprehend....Nigerian govt couldn't go ahead with the contract ....where is the 3000 mw processed gas

Are U really dis dumb?? Anywhere here's d clue.. It's very obvious U have comprehension issues...

According to court documents, the ruling also stated that the tribunal found that Nigeria had repudiated the agreement by failing to satisfy its contractual obligations and eventually abandoning the project contemplated there under, causing the British firm to lose substantial profits it would have earned over the 20-year period during which Nigeria was to supply the company with natural gas.

ahiboilandgas:
we also setup a tribunal and seize shell asset wort 20 bn dollars in Nigeria

Ur govt owes dem for executed contracts spanning over 3 administrations. A contract is a contract and is binding.. D arbitration tribunal was supposed to settle both parties but dis govt rejected 850million settlement and now dey'll have to pay 9billion

If dis isn't d height of cluelessness on d part of d Nigerian govt I don't know what else is.. U refused a settlement of $850million and now will b forced to pay $9Billion dollars?? Which kind economics b dis one abeg

Hehehehe... Let me break it down for zonBs before dey start reminding us it is from 3 previous administrations.. D firm wanted to settle for 850million but PMB and Osibanjo refused ooo...

But U ppl laughed at his claims dat Buhari is a clone from Sudan abi... Una sense dey pain una

ashacot:
please i only ask a question. help me to answer it

U want to agree dat Atiku is a Cameroonian but U don't want to even mention d fact dat d same person also said Buhari is a Sudanese... Ur head is paining U

Pillow fight abi which fight? Can U actually fight urself?

No he's not corrupt, he's corruption

Awa niyen!!! Awa reeee!!

She don dey start true confessions.. Na ur APC paymasters na we know

Education sector - Completely shutdown
Civil service - Hanging on a thread
Health sector - Now in come
Economy - Intensive care Unit

I won't b surprised Nnamdi Kanu is actually working for d Nigerian govt.. First Nigerian Army surrounded his house and laud siege on d house with enough show of military might but somehow he escaped.. He escaped d Nigerian Army, escaped security checks at d airports nd went abroad for months.. Fast forward few months to d election and he conveniently resurfaces again.. Jus at a time wen d main opposition party chose an Igboman as it's running mate in d upcoming election.. And few weeks to d election he's all active and talking again

Buhari don lose election!!!!

Lolzzz... I hope d Police will also prosecute d reps member for giving d thieve d car with which he perpetrated d crime.. Infact d Reps member sent him to steal d goat..

Hehehehe... I swear... Dey will have to escort him into d polling booth and showing him where to thumbprint else he might end up voting anoda party

Lolzzz... Is it d same PMB dat couldn't make out d gibberish he wrote himself on a note dat wrote a letter lol.. Dis ppl don see Nigerians finish sha

Dis ppl can stop insulting d intelligence of Nigerians.. So dey are simply trying say most Nigerian men suffer from old age and ill health?

We know na... I met one of ediots who wasn't paid for his time and attendance sef.. Last last na him uncle give am transport back from Abuja.. Most of dem weren't even paid and were promised alerts dat Got lost in transit lol

U mean thieves broke into their party headquarters.. How is it news

Which of d Buhari wrote d letter? D one dat couldn't make out what he wrote on a note or d one dat is instructed wat to say and wen to press a button lol

A gud number of nairalanders lack basic comprehension skills

She has played her role well in d whole scripted drama... She was, is and have always been an APC mole ryt from d time of BBOG

They even found a body inside d aircraft... It's really tragic