The Nigerian government has said that British and Irish businessmen it accuses of fraudulently winning an $11 billion arbitration award previously used the same playbook to net a cash settlement from Nigeria, Bloomberg reports. The Muhammadu Buhari-led government is preparing for a trial in London early next year when it aims to prove that Process & Industrial Developments Limited (P&ID), secured a gas-supply contract and the subsequent arbitration victory through bribery.
November 6, 2022The Nigerian government has said that British and Irish businessmen it accuses of fraudulently winning an $11 billion arbitration award previously used the same playbook to net a cash settlement from Nigeria, Bloomberg reports.
In August, Nigeria levelled fresh claims of fraud against the little-known offshore firm, P&ID which earlier won the $11 billion arbitration award against the country, ramping up the pressure ahead of one of the biggest London trials to take place next year. P&ID, founded by the late Michael Quinn and Brendan Cahill, the lawyers told the court, had no intention to perform any obligation concerning the purported contract, the reason the company went about bribing Nigerian government officials at the time.
If the government’s case fails, Buhari’s successor, who will be elected in February 2023 may be forced back to the negotiating table with P&ID. Cahill founded P&ID while Andrew was the company’s lawyer during the arbitration phase and acquired 75 per cent of the firm’s shares in 2017, through a Cayman Islands-registered firm Lismore Capital Ltd.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oyedeji re-elected as Nigerian Olympian Association President | The Guardian Nigeria News - Nigeria and World NewsFormer Team Nigeria captain, Olumide Oyedeji, has been returned as president of the Nigerian Olympian Association (NOA).
Read more »
CSO to launch portal to allow citizens engage with government officials | TheCableRaising New Voices (RNV), a non-profit organisation, says it will launch a portal to allow citizens to engage with government officials. According to a statement issued by Victor Terhemba, RVN’s
Read more »
The problem with Nigerian music-Lovaboi | The Guardian Nigeria News - Nigeria and World NewsDaniel Daniel Chibuzor, popularly called Lovaboi has pointed out the problem he believes disturbs Nigerian music. Lovaboi, the afro-fussion artist said proper remote distribution is the major problem...
Read more »
INTERVIEW: What Ukraine is doing about its Nigerian students - EnvoyUkraine’s Special Envoy for Africa and the Middle East, Maksym Subhk says although his country is already making postwar recovery...
Read more »
Nigerian Breweries, Crossboundary Sign $10m Renewable Energy ContractNigerian Breweries Plc (NB) and CrossBoundary Energy has announced the commencement of two renewable energy (solar and battery storage hybrid) projects for NB
Read more »
Nigerian Police Arrest Six Persons For Brutalising Widow In Enugu Community Over ‘Forbidden Snails’ | Sahara ReportersThe Nigeria Police Force has arrested six people involved in the alleged torture and dehumanisation of a widow in an Enugu State community. SaharaReporters reported that Mrs. Anthonia Umeabelu Okonkwo, a mother of four, was on October 22, stripped naked by youths of Agunese Affam-Mmaku community in the Awgu Local Government Area of Enugu State for allegedly picking snails in a forest supposedly forbidden. The youths also compelled her to walk around the community naked as punishment for her actions and also assaulted her.
Read more »