Nigeria In One Minute
Nigeria Risks Loss of $9bn Assets to UK Firm
Except further indulged by a British Commercial Court sitting in London, Nigeria risks losing a whopping $9 billion worth of assets in the UK to a British firm, Process and Industrial Developments Limited (P&ID), which two years ago got an arbitration award of $6.6billion against the country for breach of agreement.
The balance of $2.6 billion is interest at seven per cent on the principal award effective from March 20, 2013, the date of declaration of dispute. This could be more, as interest continues to mount, growing at a staggering rate of $1.3 million per day.
Nigeria’s crippling liability, a substantial 11 per cent of its entire external reserves put at $43.2 billion, arose from a dispute between it and the British Virgin Islands’ company over a Gas Supply and Processing Agreement (GSPA) signed in January 2010.
THISDAY, January 29, 2019
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