$9.6bn: Stop sham probe, appoint negotiator, P&ID tells FG mondaythoughts mondaythoughts
Lekan Adetayo and Ade Adesomoju
“This means that the Buhari administration must acknowledge the reality of the rulings of the independent tribunal and the English Commercial Court, desist from its campaign of baseless slander and sham investigations against the P&ID and its founders, and instead appoint an authorised party to enter into real negotiations.
“The government is doing everything possible to get self-execution and to set aside this award. But at the end of the day, we need to sit down with the P&ID and arrive at something that we think is reasonable for all the parties.”Meanwhile, the Federal Government had in 2018 negotiated and offered to pay $250m in the form of settlement to the P&ID to put to rest a controversial judgment that was slammed on Nigeria by a United Kingdom court that the firm should seize $9.
It read, “Further, the P&ID was of the opinion that the settlement offer by the Nigerian government in May 2017 at the settlement meetings in London was not mutually agreed by the parties and did not represent the collective intention of the parties. The P&ID was no longer looking to accept marginal field assets as part of the settlement but would rather expect monetary payments.
“After the breakdown of negotiations, the P&ID continued with the enforcement action and simultaneously filed an action in a United Kingdom court for the recognition and enforcement of the arbitral award in the UK.” But the P&ID challenged Nigeria’s position, urging the District Court to direct Nigeria to file both its jurisdiction and merit defence as a consolidated defence so that the proceedings might be disposed by the District Court summarily.
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