UK Court Grants P&ID Permission to Seize $9 Billion Nigerian Assets
A court in London, United Kingdom, on Friday gave Process and Industrial Development Limited the permission to seize Nigerian assets worth $9bn.
The ruling is the culmination of a case, which started in 2010 when an agreement to build a gas processing plant in Calabar, Cross River State, collapsed between Nigeria and the Irish firm after the former failed to live up to its side of the deal, according to a report by cityam.com.
Before Friday’s ruling, P&ID had in 2013 won a $6.6bn arbitration case but that figure rose to $9bn when the estimate of what the company could have earned over the course of the 20-year agreement was calculated.
The Nigerian Government had tried to nullify the award, insisting that it was not a case to be heard outside its shores but the British judiciary rejected the argument.
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