NewsExpress banner First Bank Fashion Souk Fidelity bank card banner Umm Sulaim's Thoughts Camano banner

Nigeria set to overturn P&ID’s $9.6bn claim as UK court okays FG’s plea

By News Express on 28/11/2019

Gmail icon

Views: 605

The Nigerian Government has moved closer to overturning the US$9.6 billion judgement debt awarded against it in favour of Process and Industrial Development Limited (P&ID) by a United Kingdom court in what is widely believed to be an injustice and a direct result of fraud and corruption.

In what is clearly a positive step forward for Nigeria, the United Kingdom Commercial Court presided over by Justice Butcher today, Thursday, November 28, 2019, accepted the application of the Federal Republic of Nigeria in its case against P&ID to vary the condition of the stay of execution of the enforcement order it had earlier granted P&ID.

Investigations carried out in the matter, over the past few weeks, have revealed incidences of very serious fraud, bringing into question both the legitimacy of the Gas Supply and Processing Agreement (GSPA) and the subsequent award itself.

The UK court had on Friday, November 22, 2019, rejected the application of the Federal Government for extension of time to comply with the deposit of $200 million condition but indicated its readiness to accept a “satisfactory bank guarantee” as proposed by the Federal Government towards the end of the hearing on Friday, November 22, 2019.

However, on Monday, November 25, 2019, the court ,while hearing the application for variation granted an extension of the stay till November 26, 2019, and subsequently to Thursday, November 28, 2019, when it finally varied the condition for stay, pending the hearing of the appeal filed before the UK Court of Appeal by Nigeria against the enforcement of the award based on a fraudulent Gas Supply and Processing Agreement purportedly signed by the Ministry of Petroleum Resources during the tenure of now deceased  Rilwanu Lukman and P&ID.

It will be recalled that the Federal Government has maintained its decision to challenge the legality and validity of the GSPA both locally and in the UK where it is still contending that Nigeria is the seat of Arbitration.

The Federal Government had also insisted that no payment to P&ID could be made, as they are under active investigation for fraud and corruption.

The court did, however, maintain that its deadlines must be complied with. For this reason, Nigeria proposed a bank guarantee as a variation to the previous order. This was approved by the court.

With Thursday’s security by the Commercial Court, Nigeria moves closer to overturning the injustice of the US$9.6 billion judgement debt earlier awarded in favour of P&ID against Nigeria.

Source News Express

Posted 28/11/2019 7:31:22 PM





You may also like...
PDP accuses Gov. Obiano, APGA of destroying equity...

NDDC MD briefs Buhari on alleged missing N187bn...

FG to commit significant share of 2017 budget...

Buhari orders MDAs to appear before National Assembly...

UNIOSUN students protest against alleged police harassment

Okowa as a later-day saint, By Jerome-Mario Utomi....

28 IDPs enrol in Edo Varsity

Oruk Anam leaders and elders condemn Etiebet, congratulate...

Reps to sanction RMAFC boss

Defection: PDP, APC disagree over Tambuwal’s fate •He...

Dickson, Obaseki parley in Yenagoa •Support calls for...

The Prince of Niger Delta Politics hits the...


Latest News US to review relationship with Nigeria over Sowore Varsity lecturer found dead in office Sowore court arrest is ‘shocking affront’ to Nigerian law – US senator Why we stopped 150 from departing at Lagos airport – Immigration Court invasion: NHRC calls for arrest, trial of security operatives involved How Nigerian Twitter helped keke rider raise over N1 million to pay hospital bills Herdsman hacks farmer to death in Ogun 15,731 Nigerians deported from 16 countries Policemen, others killed as gunmen spray bus with bullets Man beats wife into coma for having sex with another lover in matrimonial bed Tax evasion: Enugu to distrain over 3,000 establishments Ganduje presents employment letters to 920 newly recruited health workers


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (569,546 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (455,564 views) Shameless Genevieve Nnaji exposes breasts in public (405,382 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (340,268 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (306,925 views) 10 cars more expensive than Jets (290,631 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (260,762 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (259,611 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (241,048 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (227,600 views) Lagos plane crash: Journalist releases victims’ names (203,436 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (199,921 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (111) Business & Economy (4,614) Business Verdict (89) Columnists (1,156) Complaints & Requests (97) Enterprise & Opportunities (221) Entertainment (715) Features (852) Global Business Monitor (497) ICT Monitor (72) International (4,307) Interview (217) Live Commentary (30) Love Matters (177) Maggie's Blog (510) News (54,936) Opinion (1,436) Pidgin (18) Politics (11,855) Religion (1,132) Sports (2,246) Stock Watch (40) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera