₦airaland Forum

Pavarottii:
Who is the presidency?

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..

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

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..

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..

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?

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.

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.

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

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.

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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

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.

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..

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

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.

Harjibode:
The same way youre shouting Bubu now

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.

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.

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?

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

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.

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.

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..

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.