₦airaland Forum

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On Tuesday, a U.S. District Court in Washington D.C. gave judgment affirming a $6.59 billion arbitral award, plus $2.30 billion interest, against Nigeria.


The judgment was given after the country failed to show up in court to defend the matter.

The naira value of the amount came to about N2.7 trillion (at the Central Bank of Nigeria’s rate of N306 to one U.S Dollar).

Just as the judgment was handed down, PREMIUM TIMES became aware that the country would have paid less than 10 per cent of the $8.9 billion award if the Muhammadu Buhari administration had acted in line with the recommendation passed to it by the preceding Goodluck Jonathan regime.


But rather than take the recommended action, the Buhari administration scorned at the settlement agreement its predecessor signed with Process & Industrial Development Limited (P&ID), the engineering firm fighting Nigeria for breach of contract.

Official documents reviewed by PREMIUM TIMES show that a government negotiation team constituted by Mr. Jonathan successfully negotiated an out-of-tribunal settlement with P&ID and got the company to accept an $850 million payment, about 9.6 per cent of the $8.9billion award.

However, the present administration ignored that settlement and rather asked its lawyers to return to the tribunal to further contest the engineering firm’s claims.


The tribunal then ruled against Nigeria, awarding $6.6 billion in favour of the British Virgin Island’s firm.

Source :. https://www.premiumtimesng.com/news/headlines/271674-exclusive-how-buhari-plunged-nigeria-into-n2-7-trillion-mess-while-spiting-jonathan.html

The blame game will start now. Nobody will be held accountable. At the end of the day, the will go and suck crude to sell. A $9billion investment in power would have put us on the right pedestal.
I doubt if we are actually human beings

FarahAideed:
Lalasticlala Seun Mynd44 please let the people have a fair view of what transpired

People like Farah Aideed are shameless,and never learn,after all the propaganda and false information before the elections,and their savior atiku still lost,and you have started with more lies?Terrorist of progression,we are not paying anything,reparation for slavery money we are still waiting for,remainder of the looted funds of the military,we are still waiting for,come and carry 9 billion,oyibo thieves.

brodalikeme:
The blame game will start now. Nobody will be held accountable. At the end of the day, the will go and suck crude to sell. A $9billion investment in power would have put us on the right pedestal.
I doubt if we are actually human beings

Pdp criminals,they go and sign a contract that is not attainable,after taking bribe.

blacknp:
Pdp criminals,they go and sign a contract that is not attainable,after taking bribe.

And APC comes to pay abi. There you go again! Whatever happened during the PDP era is in the past. I believe APC was elected to come clean up their mess and put the country on its feet, if they behave irresponsible, what then is the difference between the two of them.
It is a high level of stupidity to take sides with those that are squandering our commonwealth sha. Have you thought to yourself what investment is been made by this goons for future generations? Let's not even go 7 years back, let talk about the last 4 years. Do you honestly think, these bunch have done better?

Let's leave politics out and fight for a future.

See the new problem this one has caused again
Buhari is not fit to lead im beciles,yet he is the leader of about 180million people,about 100m of whom may have at least a primary school education.
Unbelievable!

I thank the Almighty God that I did not vote Buhari. But one thing is certain I will outlive Buhari and super cluelessness

G

greatdreamer:
I thank the Almighty God that I did not vote Buhari. But one thing is certain I will outlive Buhari and super cluelessness

Amen I tap into your prayers sir

That's Buhari for you....shooting from the hip like a crazed cowboy!

He probably rejected the GEJ admin' settlement out of spite and the superior/holier-than-thou feeling he has against the immediate past president!

blacknp:
People like Farah Aideed are shameless,and never learn,after all the propaganda and false information before the elections,and their savior atiku still lost,and you have started with more lies?Terrorist of progression,we are not paying anything,reparation for slavery money we are still waiting for,remainder of the looted funds of the military,we are still waiting for,come and carry 9 billion,oyibo thieves.

Hehehehehe

Hot-head!

You think we're talking of obeying Nigerian court orders here....where Buhari has form in treating with disdain!? Try it with this US court and see if they don't clean out your entire foreign reserves!