₦airaland Forum

san316:
See this one. It is people like you they kill in South Africa. Occupying people's space for nothing. How can u quote the entire post?

Bbbwings:
At most 100 million should be able to compensate these guys.
They've not incurred any expenses apart from the 40million dollars na
Oyinbo bastards.

israelmao:
FG has been told to restrain from phantom probe and engage a negotiator.Is that call meant to conceal the dirty and shady deals between P&ID and their accomplices or conniving agents?Or is it a ploy to make us assume that everything followed due process or is it to give cover to those conniving agents who might be part of the current government?Or is it to cover up the non-challant or perfunctory attitude of the current government toward the unfinished legal proceedings as it was battling or grappling with settling down for governance after the swearing-in in 2015?

Shoodboi:
[b]What did P&ID do

Frankiss44:
The idiots bastards Don see free money na.. Dem Don dey calculate imaginary interest since when Dem sign the mumu contract.. Even that 40 million dollars when Dem say Dem Don spend na scam.. Dem get the structures and equipments on ground to proof am? Wetin concern us with license when Dem get, nor be for their company good?

Oyibo yahoo men

SuperS1Panther:
.

Shoodboi:
[b]Did Buhari mess up with the initial $850 settlement?

OlujobaSamuel:
You dey mind am, either Buhari or Goodluck, I won't subscribe to any president paying such ridiculous amount of about $1bn without a fight for a company that has no pin in the nation.

OlujobaSamuel:
You dey mind am, either Buhari or Goodluck, I won't subscribe to any president paying such ridiculous amount of about $1bn without a fight for a company that has no pin in the nation.

PeacenLove2:
A serious minded government would have responded to the first judgment, by filing a motion to quash it. But no, Jonathan accepted and passed it on to Buhari to make payment. So what did Buhari do too, nothing just hoping the whole thing would die a natural death. Somebody should have filed something, appealed or made counter claims LEGALLY. We are tired of being tired! Oh, well.

NGRsenate:
I was rooting for Nigeria until I saw the mention of a hedge fund manager and US lobbyists.

And there are people that don’t like losing when it comes to business and that’s why I’m scared of the hedge fund managers that were mentioned. Only God knows who is serving on their board.

Regardless, Turai Yar’adua should be picked up immediately. She has some explaining to do.

But with the kind of person we have as president, I’m afraid these foreigners are going to succeed in pillaging our foreign reserves.

Damn northerners !

Frankiss44:
Mayne I can't believe I read everything up there word for word.. This should rank among one of the best article have seen here on nairaland or anywhere else for that matter.. This money is huge and Nigeria will never recover if this money is paid.. I believe the US Court will grant P&ID access to our foreign reserve because to them it is all about the money, especially now that a US firm has seen the raw cash involved and have bought over a juicy 25 percent stake with P&ID.
This is no time for Nigerians to be divided with politics this is the future of our children being traded by few greedy politicians.. We need to demand those ghosts behind the signature.

I think the best possible way out is for both the FG and P&ID to negotiate again, the contract needs to be executed. The surest way possible is to settle once again out of court

Shoodboi:
Did Buhari mess up with the initial $850 settlement?


www.nairaland.com/attachments/10154565_image24_jpeg0fe5e48c340d8a34a853b788af33348a

Buhari did mess up but we cannot really blame him since he inherited the problem from his predecessors.

That is not P&ID’s problem though since government is continuous.



Why didn’t Buhari just pay?

Buhari is infamous for four terrible things:

1. Running a country into a recession within a short period.
2. Leaving the country for long periods of time.
3. Flouting agreements and court orders.
4. Delaying in appointing ministers.
All four got him into the current mess with P&ID.



Prove it…

www.nairaland.com/attachments/10154566_image25_jpeg22b53f22d872096438ee21ceb727ec01


The then General Buhari ran Nigeria into a recession during his one year and eight month long tenure that lasted from December 31, 1983 to August 27, 1985.

He ran Nigeria into a second recession soon after he became president in 2015. This one lasted from 2016 until 2017.

Experts say he will lead Nigeria into a third recession from mid-2020 until 2021.

Buhari was slow in appointing ministers after he was elected president in 2015 and 2019.

He took six months to appoint ministers in 2015 and three months in 2019.

The 2019 appointments could be considered six months if we count from February when he won the polls.

(Buhari was sworn in as president on May 29th in both instances.)

In 2015, Buhari only appointed Abubakar Malami as Attorney General and Minister of Justice on November 11.

On July 17, 2015, two months after Buhari became president, an arbitration tribunal in the UK upheld the $6.6 billion March 2013 judgment against Nigeria.

Nigeria was minister-less at the time.

Buhari is also in the habit of leaving the country for long periods of time to receive medical treatment in the UK.

In 2017, he even spent four months in the UK — at a single stretch.

Sometimes, he did not even bother handing over to Osinbajo before leaving.

Even when he handed over, the Aso Rock cabal still bypassed Osinbajo and flew documents to Buhari to sign while he was still receiving treatment in the UK.

This was what they did with Yar’Adua.

The public soon found out, causing Buhari to tell members of the cabal to direct all official documents to Osinbajo.

Let’s not talk about that part where Buhari disobeys court orders and agreements.



What did Malami do?

www.nairaland.com/attachments/10154572_image26_jpegc253b17eed8f2ba5b4fffc75455d0e49


In 2015, Buhari and Malami still refused to negotiate with P&ID even though it was becoming clear that the judgment will soon become a problem.

Malami started getting involved in the case around late 2016 and early 2017 when the British court upheld the 2013 Washington DC judgment and ordered Nigeria to pay P&ID over $9 billion.



Did Buhari and Malami open negotiations with P&ID?

No, the Buhari-led Nigerian government neither opened negotiations nor paid.

It is worthy to know that Nigeria was in recession at this time.

The cat and mouse game continued until mid-August 2019, when the UK court allowed P&ID seize Nigeria’s assets to recover its money.



What did the Nigerian government say?

The Nigerian government went into overdrive after the mid-August 2019 judgment.

Zainab Ahmed, the Minister of Finance, Budget and National Planning, called the judgment an attack on every Nigerian.

Godwin Emefiele, the governor of the Central Bank of Nigeria, has called P&ID a fraud.

Buhari and some members of his cabinet have also thrown some facts around. Let’s analyze them.



Buhari’s government vs P&ID vs the Truth


www.nairaland.com/attachments/10154573_Image27_jpegf82fd03071a4d2bdbb08f9ec4af4e481

Buhari’s government: The 2010 contract with P&ID was flawed. Nigeria did not sign it.

P&ID: The contract was legitimate.

The Truth: It was flawed … for Nigeria at least.

Yar’Adua was ill and there was a power vacuum back home at the time the deal was signed.

It is possible that neither Yar’Adua nor Jonathan signed that deal.

But someone signed for Nigeria. Who was that person?

Verdict: The fact remains that the deal was probably signed.

Whoever signed for Nigeria is not P&ID’s business. That’s Nigeria’s headache.

However, it might help if Nigeria can prove that someone forged a signature or something. Bonus points if P&ID was involved in the sham.

Winner: P&ID if it was signed. Nigeria if it was not.



Buhari’s government: P&ID demanded a $850 million settlement even though it did nothing.

P&ID: We spent $40 million on the licenses, equipment and some other stuffs after we thought about the deal in 2006.

The Truth: It seems P&ID did really spend some money but that was before it even approached Nigeria for a deal.

Verdict: Whatever P&ID spent on licenses, feasibility studies and whatever is none of Nigeria’s business.

Their expenses only become relevant after the deal was signed.

Winner: Nigeria obviously!



Buhari’s government: The 2010 contract with P&ID was void because the Federal Ministry of Petroleum Resources does not manufacture gas or possess oil or gas reserves.

P&ID: The gas was to be procured from Exxon Mobil and Addax petroleum’s OML 67 and 123, and not from the ministry.

The Truth: The Federal Ministry of Petroleum Resources was sourcing the gas from Exxon Mobil and Addax petroleum.

Verdict: This is a no-case argument. The Nigerian government should have never brought it up.

Winner: P&ID.


Buhari’s government: NNPC was not aware of the deal.

P&ID: Nigeria set up a Joint Operating Committee on July 22, 2009.

On board were two representatives from the Nigerian petroleum ministry, two from NNPC and the last two from P&ID.

The Truth: No one knows.

Verdict: NNPC should speak up on this.

Winner: It should be P&ID. But this too is a no-case argument.



Buhari’s government: P&ID cannot sue Nigeria in a UK court over a deal that happened in Nigeria.

P&ID: Sure, we can and we did.

The Truth: This part is very complicated and we have addressed it below.

Verdict: Buhari should be right but as we said, it is complicated.



Should P&ID be able to sue Nigeria?

www.nairaland.com/attachments/10154574_image30_jpege03cec93047375e5470346807bdecb69


This part is very complicated. Only experienced lawyers specialized in international, business and corporate law can give answers.

But a short answer:

In a Nigerian court? Maybe.

In US or UK courts? No, although it could sometimes be a maybe.



Can P&ID sue the Nigerian government in a Nigerian court?

www.nairaland.com/attachments/10154582_image31_jpeg842aadcc6d9a6bae1131129c4cb3dec3

P&ID or any other person or company in Nigeria or elsewhere cannot sue the Nigerian government in Nigeria because of sovereign immunity.

Sovereign immunity is a legal doctrine that protects a country from legal cases — even when the country is wrong.

A country can only get sued when it waives its sovereign immunity.

So P&ID cannot sue the Nigerian government or the Ministry of Petroleum Resources, which is considered a part of the executive arm of the Nigerian government.



Can P&ID sue the Nigerian government in a US or UK court?

www.nairaland.com/attachments/10154584_image32_jpegae25574a9d94c72fd47db56c5eb0c095


P&ID cannot sue Nigeria in a US or UK courts because of what we call state immunity.

State immunity is the international version of sovereign immunity.

It protects a country, business or government agency from suing another country in its own country.

However, state immunity could sometimes be waived at the discretion of the country where the lawsuit is happening. That is, US and UK in this case.

Most countries do not waive state immunity over the possibility of a political and diplomatic fallout.



Do US and UK courts have jurisdiction over the case?

The answer is a no.

P&ID should be unable to sue Nigeria in the UK or US because the both courts lack jurisdiction over the deal.

(Jurisdiction is “the official power to make legal decisions and judgments.”)

The deal happened in Nigeria and involved the Nigerian government and a business registered in the British Virgin Islands.

Only a Nigerian court and maybe, a British Virgin Islands court, should have jurisdiction over such case.

The Buhari-led federal government raised this argument but the London court went on to deliver judgment anyway.



But the British Virgin Islands depends on the UK for its foreign affairs

True! But this lawsuit does not seem to be one that falls under British foreign affairs.

Even if it did, it is of no concern to the US.

Yet a US court passed the initial $6.6 billion judgment.



How then did P&ID win the judgment?

The UK court proceeded with the lawsuit because P&ID sued under the 1958 Convention on the Recognition and Enforcement of Arbitral Awards (aka the New York Convention).

The New York Convention is an international treaty that allows businesses sue other countries in their own country.

159 countries including the UK, US and Nigeria are signatories to this treaty.

www.nairaland.com/attachments/10154583_image33_jpegb8c1d5dccbc1b0ec5b8bbd45c8489de9


Signatory nations are in light blue.

But this too should have been impossible since P&ID is registered in British Virgin Islands and not in the US or UK.



Other things you need to know…

www.nairaland.com/attachments/10154585_image35_jpeg941efdd219e86898a3d62bc01254bd57


A US hedge-fund manager called VR Capital Group has acquired a 25% stake in P&ID since judgment was delivered.

(Hedge funds are businesses that invest in very risky businesses.)



Why did VR Capital Group invest in P&ID?

VR Capital Group wants P&ID to continue suing the Nigerian government



Why?

Because that is the only way it (VR Capital Group) can make a profit.

Hedge funds are a game of numbers.

The investors know they will either profit massively or lose miserably. There is no middle ground.

They make their profits when the courts allows them retrieve and sell Nigeria’s assets.

They lose if the courts don’t.

For now, they are funding P&ID so it can continue suing the Nigerian government.

There are indications that VR Capital Group and P&ID have even contracted US-based lobbyists to allow it seize Nigerian assets in the US.



Who are lobbyists?

Lobbyists are people or businesses who “make donations” to US senators and legislators money so they can raise a motion, pass or frustrate a law in the Congress.

(Congress is US’s version of our National Assembly.)



What do you mean by “donations”?

Lobbyists cannot pay the senators and legislators directly.

So they take them out for dinner, buy them gifts, fund their reelection campaigns, organize fundraisers, donate to their communities, find their staff and families good paying jobs … you get the deal.




What? Isn’t that bribery?

You don’t call it bribery when it is supported by the government.

Lobbying is legal in the US.



Can we call it legal bribery?

Yes. Lobbying is legal bribery and corruption.



What are the consequences for Nigeria?

This P&ID court case has legal consequences not just for Nigeria but for almost every other poor and middle income country out there.

Other multinationals will start suing other countries including Nigeria over the most frivolous reasons if P&ID is ever able to seize Nigeria’s assets.

This will further impoverish poorer countries and put them under the armpits of these richer nations.

It is unfortunate but that’s how the international politics work.

Source.

PeacenLove2:
A serious minded government would have responded to the first judgment, by filing a motion to quash it. But no, Jonathan accepted and passed it on to Buhari to make payment. So what did Buhari do too, nothing just hoping the whole thing would die a natural death. Somebody should have filed something, appealed or made counter claims LEGALLY. We are tired of being tired! Oh, well.

israelmao:
FG has been told to restrain from phantom probe and engage a negotiator.Is that call meant to conceal the dirty and shady deals between P&ID and their accomplices or conniving agents?Or is it a ploy to make us assume that everything followed due process or is it to give cover to those conniving agents who might be part of the current government?Or is it to cover up the non-challant or perfunctory attitude of the current government toward the unfinished legal proceedings as it was battling or grappling with settling down for governance after the swearing-in in 2015?

PeacenLove2:
You are dribbling backwards ... P&ID will not execute any part of their deal because they don't have the tech or expertise and will to. They are a shell company that has no history of providing such services. Some greedy Nigerian traitors went to bring them and sign deals so they can share the money. Those guys were probably just Fronts!