Friends don't joke with this news.... The naira is about to hit the rocks, don't keep liquid cash, buy dollar, gold, bitcoin or any commodity of real value. Nigeria is about to experience her worst ever inflation!

Ignore my massage at your detriment!

This is blood money. Innoson vs GTB comes to mind.

GEJ failed to deliver on a contract, the entire project was stalled yet this P&ID want to be paid the amount they're supposed to earn for the 20 years period of the contract.

A litigation ensued. The immediate past president, as reported, reached an agreement to pay $1b settlement towards the end of the administration but got cold feets because incoming Buhari may termed it as money laundry. (story for the gods).

Stubborn Buhari came and saw the claim as preposterous, decided to review it and the case lingered for this long and got this bad.

PMB must now be more proactive to stay Nigeria's position to cushion the impact on the economy.

tempex88:
This is big wahala for Nigeria and Nigerians.....FG need to appeal to PID and seek out of court settlement.

And to think the issue had earlier been discussed and settled out of court with PID by the last admin, and PID had agreed to $850m settlement that time only for the new govt to come in 2015 and failed to honour the arranged agreement.

Doubt PID will agree to appeal easily now. Not after they were dragged to court.

peeps4u:


And to think the issue had earlier been discussed and settled out of court with PID by the last admin, and PID had agreed to $850m settlement that time only for the new govt to come in 2015 and failed to honour the arranged agreement.

Doubt PID will agree to appeal easily now. Not after they were dragged to court.

Chai.....i never knew

mtcheew, see this incompetent solicitor general, what da hell is he saying?!!


And why would GEJ signed such a shitty deal with a very greedy company like this, was he drunk or what.




We are not parting with those billions, they should just drop nukes on us and take the money after, there is no need to make poor Nigerians surfer before killing them. this case just significantly increase my dislike for white people in general

CoolAmbience:



I agree with you completely.

Everything isn't blame game.

GEJ messed things up big time.

He couldn't pay workers salaries, contractors etc, he depleted the excess crude and foreign reserve accounts.

All these happened when crude sold for way more that it sells today, and over the last four years. He can't honour a common agreement.

Mtchewww.

I remember reading about this matter some years ago. The government said they had issues regarding how the company executed it's own end of bargain which they took exception to. I think the matter went to court and the government was going to settle out of court.

Looks like this government waved away that agreement with the excuse that the matter belonged to the previous government and should not concern this government. Solicitor General Dayo Apata gave voice to that mindset fatally nailing the case in favour of the company.

Left for me UK doesn't have the right to judge the case, the case should have been judged by the International court of justice, therefore if the company seize our money in UK, Nigerian government should as a matter of fact repatriate our remaining assets in the UK back home and at the same time seize UK assets in our Land. Tit for tat.

InvertedHammer:
/
Worst case scenario, investors run for the hills.
Naira joins its counterparts in Zimbabwe and Venezuela. Inflation hits the roof and the wailing will be out of this world.

This NextLevel will be very interesting.

/

Gbam, and the country & economy will ground completely, when we tell them that both PDP AND APC have rendered the country useless, they call us names, if the situation will lead to the final balkanisation of the useless contraption called Nigeria, so be it, I am happy with the British court judgment, the company that won the judgement should go after the Eurobond, anything to dismember the useless contraption foisted on Nigeria by lugard is welcomed by me

bishopkay:
I remember this case and the GEJ's government then opted for an out of court settlement. The arrogant bastard rigging rugarist came in and as usual threw everything he didn't understand away without asking for details forgetting government is continuum

Now Nigeria would pay for his foolishness very heavily! Imagine an out of court settlement which would have seen us pay $850m in tranches now a judgement debt worth $9b in whole payment. And to imagine one very uneducated fool went there with the APC blame game manuscript!

Does he think the UK'S judicial system is like ours here which lack merit and can throw away a case with substance for a filing technicality? They think because they win cases here using the we vs them syndrome they can go replicate that outside the country? Bunch of inept fools!

Your hatred for the country is so intense, I am sure you wish for the country to be nuked, with you and your family inside, just because of hatred.

Why should the Nigerian government be subservient to British courts. That's an insult to all Nigerians irrespective of tribe or religion. Who ever signed away Nigeria's sovereignty should be shot. At worst there are other international bodies that handles disputes between countries. Does it make sense for a British court to arbitrate a case between Britain and Nigeria?

If your hero agreed to dash a British company $850 as you alleged ( which to me is a lie), why didn't he give them before he left office? How can he agree to dash someone money for no work done or goods supplied and hope the next person will pay it?

I wish Nigeria was like Iran, you seize our $9 billion, we seize your assets and any British ship near the gulf of Guinea.
Shebi, after trying shit with Iran, they have agreed to return the oil tanker seized after Iran seized a British tanker in return.

kindredspirit:


I remember reading about this matter some years ago. The government said they had issues regarding how the company executed it's own end of bargain which they took exception to. I think the matter went to court and the government was going to settle out of court.

Looks like this government waved away that agreement with the excuse that the matter belonged to the previous government and should not concern this government. Solicitor General Dayo Apata gave voice to that mindset fatally nailing the case in favour of the company.

The contract was a fraud from the beginning. How can they sign that they would go to British courts? What happens if Nigeria is not satisfied with the execution of the contract ( assuming there was actually a contract to be executed ) with a private British company? can a Nigerian court convict the British government?

donvicky2007:
Left for me UK doesn't have the right to judge the case, the case should have been judged by the International court of justice, therefore if the company seize our money in UK, Nigerian government should as a matter of fact repatriate our remaining assets in the UK back home and at the same time seize UK assets in our Land. Tit for tat.

no matter where the case is taken to Nigeria will still loose

MyGeneration:

no matter where the case is taken to Nigeria will still loose

They should take it to the right jurisdiction, imagine taking a divorce case to National industrial court. That is what that company did.

after4:
So even on the international scene the solicitor general was also playing the popular APC blame game? If the past administration did not honor the agreement what stopped this administration from keeping to the agreement. This guys are just pathetic mediocres

stop frog jumping.., the government know more than you.

donvicky2007:


They should take it to the right jurisdiction, imagine taking a divorce case to National industrial court. That is what that company did.

Nigerian government should pay, because the more the money lingers the more interest that will accrue to it, before u know it we will be talking 12billion dollars.

Apc govt benefitted from the deal, cause most of the money seized by Efcc from most Pdp members is that money.

Reinvented:


Blame game continues... the previous government negotiated out of court settlement of $850m to be paid in tranches, But as usual Buhari saw it as PDP/GEJ fraud. They now went to court and here we are blaming GEJ. The oversabi Buhari is leading Nigeria to a third recession because he is "fighting" imaginary corruption.

Mr Man what made your hero GEJ go into the deal in the first place. If $850 was such a small sum why didn't he pay it up since 2013, two years before he handed over. your likes keep on finding imaginary ways of shifting the goal post.

MyGeneration:

no matter where the case is taken to Nigeria will still loose

I know you hate the country, but why will you wish your country just dash away $9 billion?
How can we pay $9 for a contract that was not even executed? We are to pay for assumed income and profit for a 20 year period.

MyGeneration:

Nigerian government should pay, because the more the money lingers the more interest that will accrue to it, before u know it we will be talking 12billion dollars.

Apc govt benefitted from the deal, cause most of the money seized by Efcc from most Pdp members is that money.

They can ask for $100 billion. We should not pay jack.

Do we even earn $9 billion in a year?
Have the company ever made $1billion in its entirety existence?
Ole, thief.

MyGeneration:

Nigerian government should pay, because the more the money lingers the more interest that will accrue to it, before u know it we will be talking 12billion dollars.

Apc govt benefitted from the deal, cause most of the money seized by Efcc from most Pdp members is that money.

That money is too much and I can't agree with you, the best is to settle out of court.

donvicky2007:


That money is too much and I can't agree with you, the best is to settle out of court.

Can they try this shit with the US or other countries like India Pakistan or even Brazil?

wirinet:

I know you hate the country, but why will you wish your country just dash away $9 billion?
How can we pay $9 for a contract that was not even executed? We are to pay for assumed income and profit for a 20 year period.

u sound very stup1d, i just expressed my opinion and u are declarating me as sm1 who hates the country, so because of stup1d u i should not speak my mind.

i am not sentimental in my judgment, before i said that i have done my research, the money is not supposed to be $9billion as of 2015 it was agreed that the government should pay $850million but the new government refused, this is almost similar with innosons case.

do u think that am happy that we are about to loose $9billion, that money is enough to finish our rail system in Nigeria, guy talk well o.

donvicky2007:


That money is too much and I can't agree with you, the best is to settle out of court.

they first settled out of court and agreed on $850million this was like 5 years back, the new government refused, interest has accrued plus legal fees too, all these could have been avoided, it was the new government that took them back to court after they had agreed on an out of court settlement of $850million dollars.

i know the money is huge, but in almost all the court Nigeria has taken the case to we have lost all.

MyGeneration:

u sound very stup1d, i just expressed my opinion and u are declarating me as sm1 who hates the country, so because of stup1d u i should not speak my mind.

i am not sentimental in my judgment, before i said that i have done my research, the money is not supposed to be $9billion as of 2015 it was agreed that the government should pay $850million but the new government refused, this is almost similar with innosons case.

do u think that am happy that we are about to loose $9billion, that money is enough to finish our rail system in Nigeria, guy talk well o.

Why not show us links to when the government agreed to pay $850million, and under what circumstances.
The agreement was sign by the Jonathan administration, the agreement was reneged upon by the Jonathan administration, the $850 million was allegedly agreed upon by the Jonathan administration, how come you now expect it is the the Buhari administration to pay $850 million when crude prices crashed to $30 and have never gone beyond $60?
If Buhari dashed the British company $850 million and our economy begins to suffer, you guys will be ecstatic blaming Buhari again for destroying the economy your hero built.

If the company was not fraudulent, they should have renegotiated and reviewed the contract with the new government. That was what happened to all previous contracts negotiated with the former government and continued with this government.
This is not the first time parties to a contract fails to live up to expectation.

Jiang:
mtcheew, see this incompetent solicitor general, what da hell is he saying?!!


And why would GEJ signed such a shitty deal with a very greedy company like this, was he drunk or what.




We are not parting with those billions, they should just drop nukes on us and take the money after, there is no need to make poor Nigerians surfer before killing them. this case just significantly increase my dislike for white people in general

Jonathan did not sign the shirty deal but Rilwan Lukeman and Yaradua did in January, 2010. I am not in anyway standing in brief for Jonathan.

asfrank:

Mr Man what made your hero GEJ go into the deal in the first place. If $850 was such a small sum why didn't he pay it up since 2013, two years before he handed over. your likes keep on finding imaginary ways of shifting the goal post.

The deal was entered into in January, 2010 and Yaradua, the cabals and Rilwani Lukeman were the major actors. It will do Nigeria a huge good if you and this inept government can do away with the blame game and pettiness . Every governments from Yaradua's to Buhari's are all culpable but the way forward is what matters now.

Afonja007:
dey there dey blame past goverment today one cannot drive his or her new car from Abuja to kaduna ondo to ekiti ore to Benin benue to nasarawa,o I command you in the name of ayamatanga oya begin to blame Jonathan's goverment ,

@the bolded
Because something is happening today, you have forgotten what happened yesterday abi? you yourself knows that even yesterday we had all you said is happening today
This is also not about blame game but putting things in the right perspective, yes we are insecure today but we weren't yesterday also.... So stop the blame game

wirinet:

Your hatred for the country is so intense, I am sure you wish for the country to be nuked, with you and your family inside, just because of hatred.

Why should the Nigerian government be subservient to British courts. That's an insult to all Nigerians irrespective of tribe or religion. Who ever signed away Nigeria's sovereignty should be shot. At worst there are other international bodies that handles disputes between countries. Does it make sense for a British court to arbitrate a case between Britain and Nigeria?

If your hero agreed to dash a British company $850 as you alleged ( which to me is a lie), why didn't he give them before he left office? How can he agree to dash someone money for no work done or goods supplied and hope the next person will pay it?

I wish Nigeria was like Iran, you seize our $9 billion, we seize your assets and any British ship near the gulf of Guinea.
Shebi, after trying shit with Iran, they have agreed to return the oil tanker seized after Iran seized a British tanker in return.

I know you don't have sense and normally I don't respond to fools but with you I'd make an exception.

You just wrote trash and because you think this is a blind forum you can come here to show case your foolishness huh? Just like your certificate less fraud of a master. What do you know about international trade laws? If the court which decided on this issue didn't have jurisdiction, Nigeria would have never honored the suit which led to all this.

Since you ask why did GEJ's government not pay the money settled out of court, I'd respond with a suiting reply to such a foolish question. Why did the election rigging rugarist not reject the Paris refunds? Why did he not reject the repatriated Abacha loot even after claiming abacha never stole a dime? He should have sent the money to obasanjo or Gej because their governments initiated the moves. So you benefit from the estate of a benefactor but refuse his liabilities?

Now to answer your question albeit foolish, You think being a president gives you unfettered access to approve a payment just like that? These things take time and process which his government no longer had and which I'm very sure buhari was notified about on the hand over notes he was given. He as normal with him simply dumped it as he was only interested in the name "President". The time line for the process began and Nigeria was not on the table courtesy buhari pulling out of the arrangements and asked to proceed to court (go and read up this case and how buhari has handled it so far). Government is a continuous process and buhari goofed big time in this. However I'm not surprised... He's been a failure all along and am I surprised you his supporter Is also this dumb? No... After all Like birds like they say, flock together and for the records, you can relocate to Iran and you can also get nuked with your family too while at it.

Read and develop yourself, you won't agree. Ozuo!

wirinet:

Can they try this shit with the US or other countries like Pakistan ?

Lol

Incase u did not know Pakistan is already in deep shiiit

Their public motorways / highways , airports , radio and TV stations are already in the hands of foreign creditors since last few years.

bishopkay:


I know you don't have sense and normally I don't respond to fools but with you I'd make an exception.

And you feel you are making sense. Anyway a mad man also think he is making sense.

You just wrote trash and because you think this is a blind forum you can come here to show case your foolishness huh? Just like your certificate less fraud of a master. What do you know about international trade laws? If the court which decided on this issue didn't have jurisdiction, Nigeria would have never honored the suit which led to all this.

The nonsense you wrote only betrays your vile hatred of Buhari, nothing else.
You obviously have no idea of international trade laws, that is even if you know what international trade is. Is this a trade dispute? Where is the trade?
The British court was said to have assumed jurisdiction because it was thus stated in the contract. Ordinary a country does not have jurisdiction over cases in a foreign country. I hope you know that. One of the reason Britain is leaving the EU is because Britain does not want to be subjected to European laws. Nigeria is not subjected to British laws.

The question you need to ponder is did those that signed the stupid contract have the powers to sign away our sovereignty? Who are the signatories to the contract? The power to make laws lies with the national assembly, was the national assembly involved in signing away out sovereignty? Even treaties signed by the executive has to pass through the national assembly.

Since you ask why did GEJ's government not pay the money settled out of court, I'd respond with a suiting reply to such a foolish question. Why did the election rigging rugarist not reject the Paris refunds? Why did he not reject the repatriated Abacha loot even after claiming abacha never stole a dime? He should have sent the money to obasanjo or Gej because their governments initiated the moves. So you benefit from the estate of a benefactor but refuse his liabilities?

Stupid analogy. The monies was returned due to mutual agreements between the two countries. It passed through normal diplomatic channels. It was not the Nigerian courts that ruled that Swiss government must return Abacha loot or else....

Now to answer your question albeit foolish, You think being a president gives you unfettered access to approve a payment just like that? These things take time and process which his government no longer had and which I'm very sure buhari was notified about on the hand over notes he was given. He as normal with him simply dumped it as he was only interested in the name "President". The time line for the process began and Nigeria was not on the table courtesy buhari pulling out of the arrangements and asked to proceed to court (go and read up this case and how buhari has handled it so far). Government is a continuous process and buhari goofed big time in this. However I'm not surprised... He's been a failure all along and am I surprised you his supporter Is also this dumb? No... After all Like birds like they say, flock together and for the records, you can relocate to Iran and you can also get nuked with your family too while at it.

Read and develop yourself, you won't agree. Ozuo!

You can win the lie Olympics without rivals. You guys just lie that Jonathan negotiated an $850 million settlement. Here is the actual report;

In 2010, P&ID entered into a 20-year agreement with the federal government of Nigeria to execute this project.

Under the agreement, the Nigerian government was to ensure that all necessary pipelines and related infrastructure were installed and that arrangements were made with agencies and third parties to deliver gas for P&ID to process. However, the Nigerian government failed to meet its commitments, causing the project to flounder. This meant Nigeria would lose the opportunity of a new power supply, and P&ID would lose 20 years’ worth of profits.

P&ID attempted on multiple occasions to find a solution, and yet Nigeria refused to come to the table. Arbitration commenced in 2012 before a tribunal in London. Although during the arbitration Nigeria claimed to be interested in reaching an amicable settlement with P&ID, in fact Nigeria never made a serious offer and it became clear that Nigeria was attending settlement discussions only to delay the proceedings.

In July 2015, the tribunal in London unanimously concluded that Nigeria was liable for the government having repudiated the agreement with P&ID. In January 2017, the tribunal ordered the Nigerian government to pay P&ID $6.6 billion in damages, plus interest that is accruing daily at a rate of over $1.2 million and now stands at $2.8 billion. However, because the Buhari administration refuses to pay, P&ID has brought court proceedings, in both the U.K. and the U.S., to enforce the award. If P&ID is successful, they can enforce the award against Nigeria by seizing its commercial assets.
https://pandidfacts.com/about-pid/

In one breath you say a president don't have unfettered access to the treasury and in another breath you blame Buhari for not paying the alleged $850 million. That is what is called Cognitive dissonance.

InvertedHammer:
/
Worst case scenario, investors run for the hills.
Naira joins its counterparts in Zimbabwe and Venezuela. Inflation hits the roof and the wailing will be out of this world.

This NextLevel will be very interesting.

/

Oga invertedhammer you’re a forex trader and you don’t know the effect of someone refusing to honor contractual agreement since 2012 and here you are blaming next level. Is it buhari that entered the agreement and defaulted.

You as a trader, with this kind of judgement, imagine what will have happened to the naira if PMB had agreed to float the naira like the useless technocrats advices?

I can’t imagine the kind of trading you’d be entering into with this your biased or ignorance of who to blame for such judgement.

Reinvented:


Blame game continues... the previous government negotiated out of court settlement of $850m to be paid in tranches, But as usual Buhari saw it as PDP/GEJ fraud. They now went to court and here we are blaming GEJ. The oversabi Buhari is leading Nigeria to a third recession because he is "fighting" imaginary corruption.

So between 2015 and now, $850m had grown to $9billion.


You self reason it does this make sense to you? Even if the interest rate is 100% per year will it have grown to $9billion in 4years?

Debaiz:



Oga invertedhammer you’re a forex trader and you don’t know the effect of someone refusing to honor contractual agreement since 2012 and here you are blaming next level. Is it buhari that entered the agreement and defaulted.

You as a trader, with this kind of judgement, imagine what will have happened to the naira if PMB had agreed to float the naira like the useless technocrats advices?

I can’t imagine the kind of trading you’d be entering into with this your biased or ignorance of who to blame for such judgement.

I am not supporting the Nigerian government (whether Jonathan or buhari) for defaulting on a contractual agreement, my grouse is subjecting a contract entered into in Nigeria to British courts and laws. If you were the attorney general, would you go before a British judge an answer yes my lord? Or you want Nigerian lawyers who might not have license to practice law in the UK to study British laws and then go and defend the case.
The case should have been handled at the Nigerian courts.