Process and Industrial Development Limited (P&ID) has been given the permission by a British court to seize Nigerian assets worth $9 billion, TheCable is reporting.
Speaking after the judgement on behalf of P&ID, 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.
Exclusive reports by Premium Times reveals that an alleged deal disagreement occurred between the ministry of petroleum resources and the Nigerian national petroleum corporation (NNPC), to build a gas processing plant in Calabar in 2010, which collapsed because Nigeria did not meet its end of the bargain.