British Court Okays Seizure of Nigerian Assets worth $9bn

A British court has given Process and Industrial Development Limited (P&ID) the go-ahead to seize Nigerian assets worth $9 billion.

P&ID got a judgement in its favour in London on Friday, TheCable writes.

The case in contention is a 2010 deal agreement to build a gas processing plant in Calabar which collapsed because Nigeria did not meet its end of the bargain.

Commenting on the judgement on behalf of the company,  Andrew Stafford Q.C. of Kobre & Kim said: “We are pleased that the Court has rejected Nigeria’s objections both to the arbitration process and to the amount of the award and that it will grant permission to P&ID to begin enforcement of the award in the United Kingdom.

“The Court has ruled decisively in P&ID’s favour and has comprehensively rejected Nigeria’s efforts to avoid payment of this award of over $9.6 billion.

“P&ID is committed to vigorously enforcing its rights, and we intend to begin the process of seizing Nigerian assets in order to satisfy this award as soon as possible.”

P&ID, founded by Irishmen Michael Quinn and Brendan Cahill had entered into a 20-year gas and supply processing agreement (GSPA) with the federal government in 2010 to build a state-of-the-art gas processing facility in Calabar.

But the company said after spending several years preparing for the project, the project collapsed because the Nigerian government did not build a pipeline or secure supply of gas as stipulated in the agreement.

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