₦airaland Forum

Jonathan project

President Buhari, as ipob dey your nyansh for Japan sir, just kukuma come back naija to solve this issue to avoid new cocoyam festival beating..abegooooo

U

TheAngry1:
Thank you Jonathan the kleptomaniac! Ali Baba and his forty thieves.

If u want to hide something from a black man put it inside the book.

FarahAideed:
Buhari cabal trying to scam Nigeria

Practically difficult to re write history

TheAngry1:
Thank you Jonathan the kleptomaniac! Ali Baba and his forty thieves.

Where is Jonathan involved in all this. Failure to read and comprehend has always been the reason people get scammed.

… may impound naval vessels, oil cargoes


Everest Amaefule , Abuja



An Irish firm , which won a world record $ 9 . 6 bn arbitration fine against the Federal Government , has instructed its lawyers to identify Nigeria ’s assets that can be targeted to recover the money.

The company confirmed in an electronic mail to our correspondent that it was focussed on identifying Nigeria ’s assets that could be seized in the process of enforcing the decision of an arbitration tribunal which was recently converted to a court judgment .

In the email response to The PUNCH on Sunday , the company hinted at the possibility of seizing Nigerian naval vessels or oil cargoes, citing the Argentinean and Venezuelan experiences as precedents .

In the email sent by the P & ID’s representative, Mr John Ehiguese, the company said , “ We cannot confirm specifics . However, the P &ID’ s legal team is working diligently to identify and target assets that may be used for enforcement of the tribunal award .

“ There have been many successful enforcement cases against sovereign states in the past .
“ In the case against Argentina , creditors detained an Argentine naval vessel ; in the case against Venezuela there was the seizure of state -owned oil cargo . There is a wide range of potential assets . ”

However, the company did not rule out the possibility of alternative resolution of the fine, which has the potential of wiping out 20 per cent of the country ’s foreign reserves .

The company in an email response to one of our correspondent’ s questions said the onus was upon the government of President Muhammadu Buhari to show good faith and enter into reasonable negotiations .

It stated , “ The real question is : is the Nigerian Government willing to enter good -faith negotiations ? The ball is now in the court of the Buhari Administration to demonstrate a mature , good -faith approach to a resolution ; their legal arguments have been completely rejected.

“ In the meantime , the P & ID will look to seize Nigeria ’s assets in the UK to enforce the award as soon as possible . The company ’ s current focus is vigorously enforcing the award .

“ The onus is on the Nigerian government and the Buhari Administration to demonstrate a mature , good -faith approach to a resolution . ”
The Irish firm accused the administration of engaging in a smear campaign instead of addressing the issues .

It said, “ Instead of accepting responsibility or pursuing a negotiated settlement , the Buhari administration has regrettably chosen to continue its campaign of misinformation and misdirection , including wild allegations against the English judge and commencing a sham investigation .

“ This approach is not constructive , and will not help to resolve the situation . The P & ID will begin enforcing its legal rights , including the seizure of Nigerian assets in the UK .”

Nigerian government officials , including the Attorney General of the Federation, and Minister of Justice , Abubakar Malami ( SAN) , and the Governor of Central Bank of Nigeria , Godwin Emefiele , had consistently said the judgment would be challenged .

Attempts to confirm whether an appeal had been filed or that the Federal Government had instructed its lawyer to file the appeal proved abortive .

The Federal Government ’ s lawyer , Harry Matovu, ( Queens Counsel ) , said he would not be able to speak on the matter.

He said, “ I am unable to comment on this matter, and I would respectfully suggest that you refer any queries to the Federal Government. ”
When our correspondent contacted an aide to the Minister of Information and Culture , Mr Lai Mohammed, he declined the request on the grounds that the minister would address the issues on Monday ( today) .


The contract and the judgment

The contract that has simply become known as the GSPA is the Gas Supply Processing Agreement , which was entered into on behalf of the Federal Government by the Ministry of Petroleum Resources .

The contract was signed on January 11 , 2010 between the two parties
.
By the contract , the Federal Government entered into an agreement to supply a firm registered in the United Kingdom, Process and Industrial Development Limited 400 MMScuFD of wet gas for a period of 20 years.

The company was to process the wet gas into lean gas suitable for firing gas-powered electricity generation plants .

While the company would make available 85 per cent of the lean gas proceeds from the process , it was to be compensated through the by- products such as butane and sell in the international market .
Nigeria was to benefit from the sale of the by -products through 10 per cent share in the British firm .

Information available to our correspondent showed that the supply of wet gas was to take place in two phases.

In phase one , the government was to make available 150 MMScuFD during or before the last quarter of 2011 . In phase two , the remaining 250 MMScuFD must be supplied on or before the third quarter of 2012 .

The Process and Industrial Development Limited was to build two or more plants for the processing of the wet gas into lean gas at no cost to the government since it would be compensated from the proceeds .

However, the government failed to build the pipeline to supply gas to the company . The company also failed to construct the plant for processing the plant.

On August 22 , 2012 , the British firm filed for arbitration. It wrote the Federal Government on March 20 , 2013 , accusing it of repudiating the contract it entered with the company .

The government alleged that the agreement was on various grounds invalid or subsequently frustrated , varied or discharged by force majeure .

A panel of arbitration ruled that Nigeria was liable for the failure of the contract and should pay the British firm a sum of $ 6 .597 bn as the profit that the company would have made in the 20 years tenure of the contract .

It also ruled that the company should be paid seven per cent interest until the award was settled.

This is what has snowballed into $ 9 .6 bn judgment debt as the firm had recently sought and secured from a British High Court the conversion of the arbitration decision into a court judgment .


The company , Process and Industrial Development Limited

If the name of the company that had secured a $ 9. 6 bn judgement against Nigeria conjures an image of a global industrial giant, you will not be mistaken .

However, not much can be gleaned on the Internet about this company except its case against Nigeria. It appears, therefore , that the company is a portfolio firm incorporated in 2006 to secure the contract with Nigeria .

However, its founders, Brendan Cahill and Michael Quinn — had a 30 -year track record of planning and delivering projects in Nigeria, the company claimed .

“ These include projects that had real and measurably positive impacts on the Nigerian economy and people ,” the company added .

It listed the projects to include ‘ upgrading the port infrastructure at the Nigerian ports in Lagos and Calabar and establishing Africa ’s first -ever gas pressure vessel manufacturing facility – including installation at nine sites across Nigeria ( known as the “ Butanisation Project ”) .’
The company claimed that there were also other projects that ‘delivered billions of dollars of value for the Nigerian economy, and created thousands of jobs for Nigerians . ’

“ The gas pressure vessel manufacturing is now a significant industry in Nigeria , helping to train skilled local workers , and benefitting families and communities , ” it added .


Historical perspective

Our correspondent reports that the lacuna in the leadership of Nigeria played a critical role in the $ 9 . 6 bn arbitration award quagmire that Nigeria is now fighting hard to wriggle out from .
Administrative and leadership tardiness also played a significant role in escalating the smouldering fire that could have been quenched , findings have shown .

Available information showed that the controversial gas contract was signed between the Federal Government of Nigeria and the Process and Industrial Development Limited on January 10 , 2010 .

This was the rudderless period in the history of Nigeria occasioned by the medical trip undertaken by the late President Umar Yar ’ Adua without transmitting power to Vice - President Goodluck Jonathan.

Yar ’Adua had gone to Saudi Arabia in November 2009 . He did not return from that trip alive . In fact, his corpse only returned to Nigeria on May 16 , 2010 .

While he was away , a cabal reportedly headed by the then Attorney General of the Federation , Mr Michael Aondoakaa , ensured that Jonathan was kept outside the mainstream of government business.


The three - man arbitration panel

The panel that delivered a judgment was made up of three lawyers – Bayo Ojo ( SAN) , Lord Hoffmann and Anthony Evans .

Bayo Ojo , SAN was appointed by the Federal Government to represent it on the arbitration panel . The P &ID appointed Evans Anthony and the two of them in turn appointed Lord Hoffman to chair the panel .

Lord Hoffman and Anthony Evans held that Nigeria was liable to $ 6 . 6 bn and that became the majority decision . Ojo , a former Minister of Justice and Attorney General of the Federation, in a minority judgement, held that the P &ID was entitled to some compensation but should not be more than $ 250 m .



https://punchng.com/9-6bn-british-firm-listing-nigeria-assets-for-seizure/

The Nigerian Political Leadership have been fooling the Nigerian Citizenry for Years of which they have gotten away with their rascality.

Now they have turn the tide to an International Company.

Trust the British or Irish they will certainly deal with Nigeria based on the strength of the legal case they won.

President Olusegun Obasanjo traded off the BAKASSI PENINSULAR because he did not understand International Relations and Diplomacy and how to play the game.

He easily fell prey to the antics of the world court and the federal government lost the case to the detriment of the people of Bakassi whose ancentral home they had to vacate to enforce the world court rulings which was in favour of Cameroun, Nigeria 's adversary.

Just the way Nigeria lost the BAKASSI PENINSULAR we are paying dearly for another EXECUTIVE RASCALITY that was perpetuated during the dark days of President Goodluck Jonathan.

President Muhammadu Buhari who is the inheritor of the BUSINESS DEAL GONE SOUR is trying to shrug of the responsibility of footing the bill.

At the same time President Buhari will still leave HUGE DEBTS for his successor as he is presenting taking loans left and right from China despite warnings from the opposition PDP.

WTF!

Some didn't read the post at all before commenting and calling buhari, this is hatred of the highest order and has a psychological effect even till their last generations

Read, understand and comment

Do it again and again

You all be cured

Citytrend:
Yet my beloved country is very broke.
That shows how wise our Socalled Leaders

Anyway, i will Build a Professional Logo for your Product or Company For 1k. Offer valid today only. See my info below to Chat me up on WhatsApp

offer always valid today only. I will love to read your post tomorrow.

TheAngry1:
ok

Jonathan na thief we know... but you lack comprehension....a cabal did this stuff and Mr jona was kept in the dark since yaradua refused to pass the Barton to the vice...

Afamed:
Jonathan an accidental president

Yes. That is why the dying Yaradua signed the contract.

Buhari better discuss with the British government or seize their own assets here for such a judgment. Let our own courts also try the matter. The deal was signed here. So that external court should not have jurisdiction to try the case. It was obviously a fraudulent contract. $9.3bn indeed. Where does Nigeria want to get that money. Maybe from BP’s assets or British interests in Nigeria.

alizma:
Jonathan project

Oh, another one.
Yaradua signed that contract on his dying bed.

...Colonial masters again?...den dey look for people to enslave...den for come carry the whole country...

I knw very soon which am very sure of NIGERIA will overcome all her travails
@nigeriawillbegreatagain

can someone summarize for me ?
pls wetin we do ?
we borrow and no pay ?

alizma:
Jonathan project

Oga, e sure me say you are not very good at reading and comprehension in your primary school days..how e take affect Jonathan now....read slowly and try to comprehend....its the fault cabals and yaradua since he refused to pass the Barton. Those that signed and did all the contract shit should be questioned

The best bet is to capture the president himself, Kyari will pay that 9billion under 24hrs. Na joke I dey ooh

Mismanagement is killing Nigeria

josielewa:
Jonathan na thief we know... but you lack comprehension....a cabal did this stuff and Mr jona was kept in the dark since yaradua refused to pass the Barton to the vice...

Did you know the contract was signed in Jan 2010 and Jonathan became the president in May 2010. You should have asked yourself, what impacts and steps did Jonathan make either to comply or review the terms in the contract.

Further ask yourself, in 2013, when Jonathan was still the president, what did he do when the fine was imposed on Nigeria until he left office in May 2015

I have said it time without number, that black man's problem is dealing with white man. They steal have us enslaved at least mentally which seems to prevent us from seeing and treating them as the enemy that they are.

ValCon888:
In as much as Nigeria may be liable, I do not think the judgment is fair. Telling a country to pay $9.6 bn as 'future profit' for work that has not been done is quite reckless and irresponsible from the judge.

If it was a Nigerian company against the British government the judge would never give such an award of almost $10bn.

If Brexit is giving them headache, they should face the EU or Trump and stop targeting defenceless 3rd world countries with stupid, reckless, and senseless judgments.

We must resist this at all cost.

The judge was obviously bribed. This will not save brexit and Nigeria will definitely come out of this mess victoriously.

Eh

APCHaram:
Buhari just repeating all the foolishness he did as Head of State.

During those inglorious dark months of Buhari-Idiagbon tyranny, Buhari refused to honour our debt obligations claiming he did not borrow the money that they should ask Shagari.

The British govt then went to work seizing Nigerian assets including several Nigerian Airways aircrafts.

The man is a monumental disaster who sees governance as not a continuum but a personal myopic venture.

the irony is that a few of those seize assets and abandoned monies recovered by efcc would clear that debt without nigeria sneezing afterall, this government has spent thrillions of naira and we cant see any tangible impact

APCHaram:
Buhari just repeating all the foolishness he did as Head of State.

During those inglorious dark months of Buhari-Idiagbon tyranny, Buhari refused to honour our debt obligations claiming he did not borrow the money that they should ask Shagari.

The British govt then went to work seizing Nigerian assets including several Nigerian Airways aircrafts.

The man is a monumental disaster who sees governance as not a continuum but a personal myopic venture.

You are daft. Was he the one that signed the contract in 2010? once again you are daft!

KINI GBOGBO RANDANRANDAN TI WON NBAKA?

baby124:
Buhari better discuss with the British government or seize their own assets here for such a judgment. Let our own courts also try the matter. The deal was signed here. So that external court should not have jurisdiction to try the case. It was obviously a fraudulent contract. $9.3bn indeed. Where does Nigeria want to get that money. Maybe from BP’s assets or British interests in Nigeria.

Lol.. E be like say una wan chop ban, no forget say naija dey import almost everything.

guttentag:
True definition of this present government

You're as silly as the one you quoted