A firm incorporated in the British Virgin Islands will today ask a British court for the right to seize up to $9 billion of Nigerian government assets over an aborted gas project.
the request is part of a long-running saga over a 2010 deal in which the federal government agreed to supply gas to a processing plant in Calabar, Cross River State, that Process and Industrial Developments Ltd – a little-known firm founded by two Irish business men specifically for the project.
P&ID had won a $6.6 billion award at arbitration, based on what it could have earned during the 20-year agreement.
The firm is now claiming that the total owed has ballooned to $9 billon because of interest accrued since 2013.
The federal government has tried to nullify the award, saying it was not subject to international arbitration but British courts rejected the argument.