| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by farem: 6:53am On Sep 28, 2019 |
Pavarottii:
Who is the presidency? Continue to ask stewpid question � |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by Murphy123: 6:54am On Sep 28, 2019 |
Edusouls:
Good luck Jonathan was the worst thing to happen to this nation, I don’t know if we would be able to survive that administrations disaster still reporting till today, your government went and signed a contract with out knowing the implications.. 
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| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by FarahAideed: 6:58am On Sep 28, 2019 |
naijapower:
Nigerians should appreciate the Presidency for their current effort first,despite their mistake, Then we must all support the FG effort to get victory.Technically we in an Economical war,which we as a nation must win You can't see they have gotten into deeper waters , .. 1 Like |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by mercyviv(f): 7:20am On Sep 28, 2019 |
We will finally get the judgment overturned or a renegotiated agreement. That's what I know.
Meanwhile...
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Get FREE access to the best compilation of school lesson notes/plans, curriculum and exams. Visit my signature for details... |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by Philcassidy991: 7:21am On Sep 28, 2019 |
Edusouls:
Good luck Jonathan was the worst thing to happen to this nation, I don’t know if we would be able to survive that administrations disaster still reporting till today, your government went and signed a contract with out knowing the implications.. Mind you, this Scam started when Yardua was the President while he was bedridden. according to reports, they P&ID presented this proposal but the cabals knowing fully well that the president in his sick bed cannot peruse the documents still went ahead neglecting the vice president and smuggled the documents to the president in his sick bed. Also remember that while this was lingering, the cabals with their sinister motif refused to constitutionally install Jonathan as the president since the president was incapacitated, they preferred to play the smart one on the whole country the Y'ardua was alive till it became pertinent that he's dead. Maybe the cabals thought that Power would leave the North if they allow Jonathan, meaning that they are not after the good of Nigeria. Now, Y'ardua is dead, Jonathan is erstwhile, the cabal's prodigy is now in Power. They saying that what goes around, comes around. the only problem is that, we're the ones to bear the brunt. 2 Likes |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by Mordecai(m): 7:24am On Sep 28, 2019 |
By the time this regime is over, I hope we wouldn't find out that this country has been sold out and all our foreign reserves used as payment for liabilities dullardin-ho refused to do something about.
PDP, despite their kleptomania, still remains a better option. 1 Like |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by jconsulting(f): 7:58am On Sep 28, 2019 |
Edusouls:
Good luck Jonathan was the worst thing to happen to this nation, I don’t know if we would be able to survive that administrations disaster still reporting till today, your government went and signed a contract with out knowing the implications.. Mr idiot it wasn't GEJ that sign the contract is Yaradua administration get your fact right, if na GEJ it will have been a song in the mouth of Lai 1 Like |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by Beat123(f): 7:59am On Sep 28, 2019 |
That’s what happens ! African na mumu
They stole our artifacts and yet a judge in nigeria can’t sew them. They stole our fathers!
But the stay in London and bill us 9b penalty!!
Which USA company makes 1.2m a day? 3 Likes 1 Share |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by Bizibi(m): 8:09am On Sep 28, 2019 |
Racoon:
[s][/s]
Guess it's the same clueless and irresponsible government being led by the sworn affidavit-certificate holder who have blamed everything on earth except himself for his incompetency & ineptitude? That Davidhundley quote is so true, buhari is not just qualified to lead and he keeps proving every critic right. 1 Like |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by mindtricks: 8:09am On Sep 28, 2019 |
frugal:
So what's the solution? Cos I see people just complaining and blaming the government without offering any advice on how to fight this and win.
The govt isn't taking this any less serious. We need to be objective here. Don't bother advising a government that knows it all, never takes good advice, and will tag you enemy of the state if you dare make your voice heard. Over and over, this government continues to prove they excel at nothing but failures. 1 Like |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by mindtricks: 8:13am On Sep 28, 2019 |
Racoon:
The hurried Kangaroo trial [/b]of PID representatives in Nigeria to save face is not the solution.The [b]firebridgade approach to sensitive national issues by the present Nigerian govt is gonna cost this nation such a huge economic misfortune. Thought they are experts at taking their time to do things at their snail-slow pace? They don't just fail to disappoint, never good at anything good. 1 Like |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by Mccullum: 8:15am On Sep 28, 2019 |
The problem of Nigerians is considering ethnic interest above national interest, Nigeria government must up hold justice at home without emotions of tribalism and religion by showing the world that we had equity in political freedom and access to equal justice by punishing the culprits of the scamed contract according to law of land, then the world will take us serious.
Can this happened in China, US, UK and other sane nations and those involved won't be in jail now?
Until when we're serious positively, our country can be great. 2 Likes |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by udemzyudex(m): 8:20am On Sep 28, 2019 |
naijapower:
Nigerians should appreciate the Presidency for their current effort first,despite their mistake, Then we must all support the FG effort to get victory.Technically we in an Economical war,which we as a nation must win
The FG should charge everyone involved in the case,including their associates to a Nigeria court,find them guity and ask Interpol to arrest and deport them to Nigeria to face punishment.Since the FG claimed they are scammers Appreciate which FG? Oga it is not a must to comment oo. 2 Likes |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by wink2015(m): 8:23am On Sep 28, 2019 |
Libby George
LAGOS (Reuters) - A British judge has given the Nigerian government permission to seek to overturn a ruling that would enable Process and Industrial Developments Ltd (P&ID) to try to seize some $9 billion in assets over a failed deal.
The British Virgin Islands-based firm, which was set up solely for a project to build a gas processing plant, initiated arbitration against Nigeria in 2012 after the deal collapsed.
P&ID spent $40 million on design and feasibility but didn’t construct the plant as the government failed to supply the gas it was meant to process. In 2017, the arbitration tribunal awarded P&ID $6.6 billion, plus interest, based on what it could have earned over two decades.
The award is accruing $1.2 million in interest per day, backdated to 2013, and is now worth more than $9 billion - some 20% of Nigeria’s foreign reserves.
The issue has enraged Nigeria, with President Muhammadu Buhari calling it a “scam” in a speech at the United Nations. Cabinet members are demanding patriotic Nigerians band against the award, while a dozen high-level officials were in London for a court hearing on Thursday.
WHAT DOES THE RULING MEAN?
In August, a ruling in London converted the arbitration award to a court judgement - allowing P&ID to try to seize assets in order to collect it.
A British judge on Thursday gave Nigeria permission to seek to set aside that decision, with a date for an appeal hearing yet to be decided.
Legal experts told Reuters that in order to succeed, Nigeria’s lawyers will have to prove there was an error in the ruling.
The lawyers on Thursday focused on whether the arbitration tribunal was allowed to determine that England was the appropriate seat of the arbitration; the Nigerians argue that only a court could make such a determination.
They also argue that the award itself was “patently and hugely excessive.”
The judge said he did not support one of Nigeria’s arguments, which said the award itself should not be enforced because a federal court in Lagos set it aside.
WOULD SETTING ASIDE MAKE THE LIABILITY GO AWAY?
Not exactly. While a successful set aside would make the award unenforceable in the UK, P&ID is also asking federal courts in Washington, D.C., to convert the award to a judgement in U.S. courts. That case, an entirely separate process, is pending.
The arbitration award itself also allows P&ID to seek to seize assets in any of the other 160 countries that are part of the New York Convention - a global pact for the recognition and enforcement of arbitration awards.
Legal experts said there is a long history of successful asset seizures using the New York Convention. But other jurisdictions considering seizure requests could take UK court rulings into account, which means that if Nigeria succeeds in its set aside, seizure elsewhere becomes harder.
CAN THE AWARD ITSELF BE OVERTURNED?
Possibly. Global law firm Norton Rose Fulbright noted that arbitration awards can be overturned based on “public policy arguments” that hinge on allegations of fraud or corruption.
Nigeria’s anti-graft unit, the EFCC, is conducting an investigation into P&ID, and has charged a former petroleum ministry lawyer with taking bribes related to the contract. The former official has pleaded not guilty. It also alleged that a now-deceased petroleum minister broke the law by signing the contract without proper approvals and protocol.
Last week two Nigerians, who the EFCC said worked for P&ID, pleaded guilty on its behalf to charges of fraud and tax evasion.
Nigeria’s attorney general Abubakar Malami said that gave Nigeria “a judicial proof of fraud and corruption” and “cogent ground for setting aside the liability.”
P&ID said neither man was a current employee or representative of the company, and that there was “no evidence produced, no defence allowed, no charges laid, no due process followed.”
A successful fraud argument is not an easy path.
Simon Sloane of law firm Fieldfisher said the Nigerian government would need to prove that the contract was not merely tainted by fraud, but that it was “on its face” unlawful or fraudulent. Sloane called this an “extremely high hurdle.”
Thus far, the Nigerians have not presented evidence against P&ID in an international forum.
P&ID denied any wrongdoing.
“The Nigerian government knows there was no fraud and the allegations are merely political theater designed to deflect attention from its own shortcomings,” it said in a statement.
ARE THERE OTHER OPTIONS?
Nigeria could settle with P&ID - a common route and one that would likely cost the country substantially less than $9 billion.
In 2015, at the end of the term of President Goodluck Jonathan, P&ID proposed a settlement of $850 million. The Buhari administration did not take the offer.
Both parties have said they are open to negotiations, but the government said P&ID had not directly approached it to initiate talks.
Experts said that Thursday’s ruling allowing an appeal significantly strengthened Nigeria’s negotiating position.
WHAT IS AT STAKE?
For now, Nigeria’s assets are safe; the judge on Thursday ordered a stay of execution on seizures as long as Nigeria puts $200 million into a court account with 60 days and pays certain of P&ID’s legal fees within 14 days. If they fail to do so, P&ID could try to seize assets.
Harry Mantovu QC, who represented Nigeria, said that “even if P&ID seized assets for a short time, it could be serious.”
P&ID could target real estate, bank accounts or any kind of moveable wealth, but it would have to prove that the property is unrelated to Nigeria’s operations as a sovereign state.
ADVERTISEMENT
State assets that have any diplomatic function - such as a commercial property that is also used to issue visas - cannot be seized.
Mantovu noted that the award represents 2.5% of Nigeria’s gross domestic product and half of its earnings from crude oil last year.
“It is not going to take an Einstein to conclude that this would have a massive impact on the economy of Nigeria and the monetary policy of Nigeria,” he said in court.
Additional reporting by Karin Strohecker in London; Editing by Kirsten Donovan
https://af.reuters.com/article/topNews/idAFKBN1WC1JN-OZATP Nice share ! |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by naijapower(m): 8:23am On Sep 28, 2019 |
Mccullum:
The problem of Nigerians is considering ethnic interest above national interest, Nigeria government must up hold justice at home without emotions of tribalism and religion by showing the world that we had equity in political freedom and access to equal justice by punishing the culprits of the scammed contract according to law of land, then the world will take us serious.
Can this happened in China, US, UK and other sane nations and those involved won't be in jail now?
Until when we're serious positively, our country can be great. You are right 1 Like |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by Nobody: 8:41am On Sep 28, 2019 |
Edusouls:
Good luck Jonathan was the worst thing to happen to this nation, I don’t know if we would be able to survive that administrations disaster still reporting till today, your government went and signed a contract with out knowing the implications.. You are an Adamant Ignoramuse!  Get educated fool! 1 Like |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by wink2015(m): 8:47am On Sep 28, 2019 |
id911:
You see how useless these people are? They told Nigerians former Petroleum Minister, Rilwan Lukeman wasn't the one that sign the contract but went to England to tell them Lukeman actually signed the contract but in error. EFCC and presidency even told us late Lukeman couldn't have sign the contract because he was a man of integrity, defending him just because he's a northerner. Now, they are still hiding the name of former NNPC MD and current OPEC secretary general, Mohammed Barkindo who was part of this mess for the same reason. If those people were southerners, the southerner media would have been singing everyday with their names and be asking that they should be killed for such monumental fraud. But you see, the Media and EFCC have all gone dumb YOU JUST HIT THE NAIL ON THE HEAD. 1 Like |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by chinedu234(m): 10:18am On Sep 28, 2019 |
SIMPLE ECONOMICS: If the incompetent Buhari administration had paid the slightly higher than $800m,the nation wouldn't have been going through this unnecessary and unfortunate situation. The travel expenditures of some of these hooligans to U.K.,the monies currently wasted on legal experts local and abroad,monies wasted on laundering an already horrible image with foreign media,the cost of distraction from very important current matters. Nigeria is being run by people close to baboons. 1 Like |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by Nobody: 10:30am On Sep 28, 2019 |
CzarChris:
Your hatred for GEJ has really messed up your ability to reason and speak like an adult. The Court case was instituted against the FG in 2012, showing that the contract pre-dates his administration and your here shouting GEJ.
Receive sense, no matter how small, it will help your life. The same way youre shouting Bubu now |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by CzarChris(m): 10:42am On Sep 28, 2019 |
Harjibode:
The same way youre shouting Bubu now dude, must you mention me? Anytime, someone pops a hole in your faulty propaganda machine you brainless lot gear up for a fight. True GEJ made a few blunders during his reign as President, but that can't be compared with the cataclysmic backward slide of this nation under buhari. General Buhari has also done a few good things as president, but his nack for stubbornness and unprofessional, ill-experienced carbinet members will sink this adminstration. 1 Like |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by bizhop01: 2:47pm On Sep 28, 2019 |
Realbarc:
The UK government cannot afford to lose Nigeria cooperation if the PID scam is allowed to stand.
They need us when BREXIT becomes a reality as most European countries will ignore dealing with them. That is why Thier prime minister and Merkel of Germany quickly visited Nigeria after the vote to sway public opinion.. they are negotiating Thier exit now and solicit the help of non erupean countries.
THEY BETTER INTERVENE NOW.
The case also remind me of the antecedent of politicians. Just recently a politician said that he will sell NNPC to his friends. Could this be a pointer of dealings that we are now battling with.
BREXIT for dream |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by Nobody: 4:23pm On Sep 28, 2019 |
CzarChris:
dude, must you mention me? Anytime, someone pops a hole in your faulty propaganda machine you brainless lot gear up for a fight. True GEJ made a few blunders during his reign as President, but that can't be compared with the cataclysmic backward slide of this nation under buhari. General Buhari has also done a few good things as president, but his nack for stubbornness and unprofessional, ill-experienced carbinet members will sink this adminstration. Na d oyinbo wey ur fathets dem dey yan you wan kontinu, naso we no get way forward.. You guys will come online to rant.. And you no get anythng upstairs... Mtchewww Come at me again you see |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by StaffofOrayan(m): 5:16pm On Sep 28, 2019 |
Its just too friggin sad! The guts of these oyibo ! There is a trending video of Kagame rubbishing a French court judgement against Rwanda Trust our leaders, all their children are in UK Beat123:
That’s what happens ! African na mumu
They stole our artifacts and yet a judge in nigeria can’t sew them. They stole our fathers!
But the stay in London and bill us 9b penalty!!
Which USA company makes 1.2m a day? 2 Likes |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by PlanBIncome(m): 9:13pm On Sep 28, 2019 |
Seriously none of this add up to me, Nigeria government should be counter suing this false company from coming to defraud the country by presenting a false engineering design that will not be developed before gas can be supplied to them. How is the government suppose to supply you with its gas if you do not have any plant on ground in the country as signed into agreement? Only for all those in PID company to use the crazy agreement to defraud a whole nation. I will want to know if we have a government at this point. 1 Like |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by CzarChris(m): 11:51pm On Sep 28, 2019 |
Harjibode:
Na d oyinbo wey ur fathets dem dey yan you wan kontinu, naso we no get way forward..
You guys will come online to rant.. And you no get anythng upstairs...
Mtchewww
Come at me again you see
You bloody product of a brothel, idiotic bast.ard of a thousand fathers, did I mention your silly excuse of a father in any of my comments? How dare you?! How fu*king dare you?!! You even had the nerve to threaten me, you useless nonentity. I don't blame you na cheap data subscription package cause am. Mention me in your stu.pid comments again and you will most definitely live to regret that day. Na me make you zombie? Am I the cause of your poor decision for a President? Do I freaking look like a brainless sychophant like you? Can you even read? Mugu no provoke me ooo!!! Modified: Just checked your profile now..... Kai!!! I don suffer, see smallie o, my youngest sibling whom I'm 15yrs+ older than na your elder. I've graduated tons of university students from different European Countries that you can't call by name, but can only address as Brah or Sir. Chai Chris!!! You don suffer. Infact!!! Your father dia!!! Your real papa for dia!!! I am seriously awaiting your response, abeg respond, you will know the difference between hot and cold water today. I go tell you say you jam real old Warri today. Bambiala like you. 1 Like 
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| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by 9jaRealist: 8:59am On Sep 29, 2019 |
Mccullum:
The problem of Nigerians is considering ethnic interest above national interest, Nigeria government must up hold justice at home without emotions of tribalism and religion by showing the world that we had equity in political freedom and access to equal justice by punishing the culprits of the scamed contract according to law of land, then the world will take us serious.
Can this happened in China, US, UK and other sane nations and those involved won't be in jail now?
Until when we're serious positively, our country can be great. Perhaps the government itself should lead by example....  > 1 Like |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by 9jaRealist: 9:00am On Sep 29, 2019 |
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| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by Nobody: 7:09pm On Sep 29, 2019 |
CzarChris:
You bloody product of a brothel, idiotic bast.ard of a thousand fathers, did I mention your silly excuse of a father in any of my comments?
How dare you?!
How fu*king dare you?!!
You even had the nerve to threaten me, you useless nonentity.
I don't blame you na cheap data subscription package cause am.
Mention me in your stu.pid comments again and you will most definitely live to regret that day.
Na me make you zombie? Am I the cause of your poor decision for a President? Do I freaking look like a brainless sychophant like you? Can you even read?
Mugu no provoke me ooo!!!
Modified:
Just checked your profile now..... Kai!!!
I don suffer, see smallie o, my youngest sibling whom I'm 15yrs+ older than na your elder. I've graduated tons of university students from different European Countries that you can't call by name, but can only address as Brah or Sir.
Chai Chris!!! You don suffer.
Infact!!!
Your father dia!!!
Your real papa for dia!!!
I am seriously awaiting your response, abeg respond, you will know the difference between hot and cold water today. I go tell you say you jam real old Warri today.
Bambiala like you. Old man, why are you throwing tantrum and ranting like a baby who need breastfeeding.. You should have went for a more succinct reply, not this story telling.. |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by CzarChris(m): 11:13pm On Sep 29, 2019 |
Harjibode:
Old man, why are you throwing tantrum and ranting like a baby who need breastfeeding..
You should have went for a more succinct reply, not this story telling.. Omomo, tatah, infant demon, is that all you've got? May the unreserved lightening from the gods strike you were you stand. Useless boy, I'm sure you were not breastfed hence you stu.pid come back, you're such a brainless, useless fo0lish f0ol that you can't even see the disaster coming as a result of this countries visionless leadership. Keep it up, na una generation I dey pity pass. Appear on my mentions again and I will truly descend on your, do not say you were not warned eariler. 1 Like |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by Cassyboy2: 6:15am On Sep 30, 2019 |
�����������.
Which Nigeria lawyer can stand the white lawyers. Is it the minister of justice or the minister of works state. Lol. I laugh in French |
| Re: Nigeria Fights Back, But Threat Of $9 Bln Penalty Looms-Reuters by Nobody: 7:16pm On Sep 30, 2019 |
CzarChris:
Omomo, tatah, infant demon, is that all you've got?
May the unreserved lightening from the gods strike you were you stand. Useless boy, I'm sure you were not breastfed hence you stu.pid come back, you're such a brainless, useless fo0lish f0ol that you can't even see the disaster coming as a result of this countries visionless leadership. Keep it up, na una generation I dey pity pass.
Appear on my mentions again and I will truly descend on your, do not say you were not warned eariler. Here i am again. Mr Brainless, did you just talk about warning, i call on Ogun to descend on you, old fool talking gibberish online.. I am no sisi, you cant bully me.. Bleep off. If you mention me again, you truly show who you are BASTARD |
