Aborted Gas Project: British Court Hears Suit On Seizure Of Nigeria’s $9bn Assets - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
June 14, 2019
Afirm incorporated in the British Virgin Islands will today ask a British courtfor the right to seize up to $9 billion of Nigerian government assets over anaborted gas project.
therequest is part of a long-running saga over a 2010 deal in which the federalgovernment agreed to supply gas to a processing plant in Calabar, Cross RiverState, that Process and Industrial Developments Ltd  – a little-known firm founded by two Irishbusiness men specifically for the project.
P&IDhad won a $6.6 billion award at arbitration, based on what it could have earnedduring the 20-year agreement.
Thefirm is now claiming that the total owed has ballooned to $9 billon because ofinterest accrued since 2013.
Thefederal government has tried to nullify the award, saying it was not subject tointernational arbitration but British courts rejected the argument.