Date: February 26, 2020, 08:48:01 PM
Breaking: British court orders Irish firm to seize $9b Nigeria’s foreign reserves: Politics : Nigerialog.com - Nigeria's Premier Online Forum
The case dates back to 2010, when Dr. Goodluck Jonathan was Nigeria’s president. The Nigerian government, under Dr. Jonathan, had struck a deal with the Irish firm to supply gas to a processing plant built and run by P&ID in Calabar.The agreement was for a 20-year deal.But the Nigerian government failed to keep to her own side of the agreement, prompting the firm to take the case to court.Meanwhile, in 2013, P&ID won a $6.6bn arbitration case against Nigeria. The figure was calculated based on what the company was estimated to have earned over the course of the 20-year agreement.But in today’s ruling, the firm said the amount had risen to $9bn following interest accrued so far, reports City A.M.Today’s decision means that the arbitration is converted into a legal judgement, allowing P&ID to attempt a seizure of the assets.