Nigeria launches battle against $9.6b UK verdict /
A British Court on August 16, awarded the judgment authorizing a firm, Process and Industrial Developments Ltd. to seize Nigerian assets anywhere in the world to the value of $9.6 billion for contract default.
The government said the contractor, P&ID, did not execute the job it claimed and the contract signed “in an underhand manner”. She added: “This award is unreasonable, excessive and exorbitant. It is also unfair and it is an assault on each and every Nigerian. It is beyond trying to compensate for a commercial interest.
“Indications are that the whole process was carried out by some vested interests in the past administration, which apparently colluded with their local and international conspirators to inflict grave economic injury on Nigeria and its people. “After the arbitration award in 2017, Nigeria made several attempts to negotiate the award and resolve the whole issue amicably with P&ID but to no avail, which eventually led to the enforcement proceedings instituted, simultaneously, by the company in the UK and the US.
He added: “It is worth mentioning that in challenging the award, the Federal Government relied upon an expert report analyzing the damages given to the P&ID. The expert concluded that the damages:went far beyond any legitimate protection of the commercial interest of the P&ID;and that the damages overcompensated P&ID on a frankly gargantuan scale and imposed a punitive award on Nigeria.
“What this means is that enforcement action cannot begin until further hearing on the matter, which will take place on a date to be determined by the court upon its resumption. “Nigerians should please be assured that the Federal Government will strongly avail itself of all defences customarily afforded to sovereign states under the United Kingdom Sovereign Immunity Act to stave off any enforcement of the award.
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