Highlight

Nigeria will appeal U.K order on $9bn payment to P&ID

278

The Nigerian government is preparing an appeal against a U.K. court ruling that may force the country to pay about $9 billion to Process & Industrial Developments Ltd. (P&ID) over a gas processing dispute, Governor Godwin Emefiele of the Central Bank of Nigeria told journalists on Monday.

Process & Industrial Developments Ltd. natural gas company, backed by a Cayman Island-based hedge fund, on Friday won a London court ruling that is seen likely to force the Nigerian government to pay it about $9 billion in claims.

The company was awarded $6.6 billion in an arbitration case in January 2017, following a dispute over a 2010 gas deal. With the Nigerian government failing to make payment, the claim grew interests to reach $9 billion over a two year period.

Since the news broke that Nigeria could potentially cough out $9 billion in what is seen as the largest financial liability in the West African country’s history, the Nigeria has asked lawyers to initiate an appeal proceeding against the U.K court ruling, according to Dayo Apata, the nation’s Solicitor-General.

The CBN governor also confirmed that Nigeria will seek an appeal against the U.K ruling, saying: “Since the news about the judgement broke out late on Friday, we have been discussing with our counsels, and they have advised that there are sufficient and strong grounds on the basis of which we could file a stay of execution and also an appeal against that judgement.

“There are certain anomalies in the process leading to the award of that contract which is currently being looked into by the EFCC and I believe that the EFCC themselves have their own investigation reports about that. So, we will follow through and aggressively too on ensuring that the execution of that judgement is stayed and that the appeal succeeds at every level both within Nigeria and abroad.

“It is important for me to use this opportunity to assure our friends, local and foreign investors who called to expressed solidarity with us, not to express concern but to say that there is no need for anybody to worry. We know that the implication of that judgement has some impact on monetary policy and that is why the CBN is going to step forward and very strongly too to ensure that we defend the country and defend the reserves of the Federal Republic of Nigeria.”

Leave a comment

Related Articles

Just in: UK Conservative Party elects former Business Secretary Kemi Badenoch as new leader

Former British Business Secretary Kemi Badenoch has emerged as the new leader...

Demolition of Abuja N200bln properties: Restrain Wike, Estate Developers Beg Pres. Tinubu

President Bola Tinubu has been urged to intervene in the alleged demolition...

FirstBank’s retired CEO, Adeduntan, gets presidential commendation

Impressed with his exemplary career trajectory and transformative leadership, President Bola Tinubu...

#EndBadGovernance protests: AGF to Police: Transfer casefiles of 72 defendants to my office

The Attorney General of the Federation (AGF) and Minister of Justice, Prince...

NAGAFF Taps NPA MD, Dr. Abubakar Dantsoho, as Keynote Speaker for Silver Jubilee Anniversary

The National Association of Government Approved Freight Forwarders (NAGAFF) has announced Dr....

It’s fake news: Fubara did not order shut down of NNPC Ltd, oil companies in Rivers

The Rivers State Government has refuted a report circulating on social media,...

Tinubu to NEC: Allow tax reform bills pass through legislative process, public hearing

President Bola Tinubu has received the National Economic Council’s recommendation that the...

Minister Inspects Bagaja Renewables’ Zawaciki 1MWp Mini-Grid Amid Northern Power Crisis

As northern Nigeria grapples with prolonged power outages, Minister of Power Adelabu...

Just in: Court grants VeryDarkMan N2m bail

Reprieve has come for the detained social media critic, Martins Otse, popularly...

Just in: #EndBadGovernance protest: Teenager collapses in court, forces judge to suspend proceeding

A teenager, one of the 76 people charged before a Federal High...

Keyamo refutes reports of airstrip license revocation for Oyedepo, others

The Minister of Aviation and Aerospace Development, Mr. Festus Keyamo (SAN), has...

Just in: 76 #EndBadGovernance protesters arraigned in Abuja

The detained 76 #EndBadGovernance protesters just arrived at the Federal High Court...

Tax reform bill not targeted at North, to streamline tax administration processes, enhance efficiency – Presidency

The Presidency has clarified the misconceptions about the tax reform of the...

DSS, Police to give security clearance to Abuja drivers from 2025 – Wike, FCT Minister

In a bold move to curtail kidnapping and the ubiquitous ‘one chance’...

Reps step down motion to reverse change of Niger Delta Ministry to Regional Development Ministry

The House of Representatives has failed to consider a motion asking President...

FG holds talks with striking university workers

Four days into the seven-day warning strike, the Federal Government has invited...

Golden Jubilee: Soneye Strikes decisive goal as FS 50 edges Okocha’s FS Legends 2-1

In a thrilling match commemorating Mr. Olufemi Soneye’s 50th birthday, Team FS...

Philanthropist Dr. Kensington Adebutu’s multi-million Naira Media Resource Centre at NIJ, Lagos, Inaugurated

The prestigious Sir (Dr.) Kensington Adebukunola Adebutu Media Resource Centre built by...

Just in: After 10 months in captivity, Kaduna female doctor, Popoola, freed

Ten months after her kidnapping, Kaduna-based medical doctor, Dr. Ganiyat Popoola, has...

Just in: Reps to FG: Halt issuance of licence to private airstrips

Citing security reasons, the House of Representatives has moved to stop the...