Africa Economy Oil and Gas

UK judge to allow firm to try to seize $9 billion in Nigerian assets in gas dispute

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 (7.4 billion pounds) in assets from the Nigerian government over an aborted gas project.

The company 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.”

 

Source: Reuters

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