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Lagos, NG
29th January 2023
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UK Court grants P&ID request to seize $9bn Nigeria’s assets abroad

UK Court grants P&ID orders to seize $9bn in assets owned by FG
UK Court grants P&ID orders to seize $9bn in assets owned by FG

A judge in London said on Friday he would grant a firm called Process and Industrial Developments Ltd (P&ID) the right to seek to seize some $9 billion in assets from the Nigerian government over an aborted gas project, as reported by Reuters.

According to the report by Reuters, P&ID was awarded $6.6 billion in an arbitration decision over a failed project to build a gas processing plant in the southern Nigerian city of Calabar. With interest payments, the sum now tops $9 billion – some 20% of Nigeria’s foreign reserves.

The judge’s decision, issued on Friday, converts the arbitration award to a legal judgement, which would allow P&ID to try to seize international assets.

Lawyers representing the Nigerian government argued the award should not be enforced because England was not the correct place for the case, and even if it were, the amount awarded was “manifestly excessive.”

…more details to come…

(Reuters)

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