Some senior lawyers have faulted a British court’s $9.
6bn judgment against Nigeria and advised the Federal Government on what it can do to wriggle out of the mess, ADE ADESOMOJU writes
On January 31, 2017, the arbitration panel in a majority decision of two to one held that Nigeria was in breach of the GSPA and rendered its final award against Nigeria in the sum of $6.597bn together with pre-award interest at the rate of seven per cent per annum effective from March 13, 2013 and post-award interest at the same rate till date of payment.
Some senior lawyers have weighed in on the matter, suggesting the approach government should follow to avert such a colossal loss. “Did I hear him say “surrender”? Lai easily and shockingly forgets that UK is not Nigeria where court judgment orders are treated with disdain, levity, derision and violated with utmost impunity.“They will not politely ask Nigeria to “surrender” her assets. No.
“Although it may be difficult, the government can still negotiate the award. For instance, Chief Bayo Ojo , who gave an award of $250m as a dissenting member of the arbitration panel, was fair enough. The government can negotiate and add a little more to the award given by Chief Bayo Ojo.
“By January 2010, when the contract was purportedly approved and signed, President Umaru Yar’adua was in a state of coma in a health facility in Saudi Arabia.
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