EDITION: US | UK | Canada
Thecapitalpost.com - Breaking, International, Business, Sports, Entertainment, Technology and Video NewsThecapitalpost.com - Breaking, International, Business, Sports, Entertainment, Technology and Video News
Sign In|Sign Up
 
 
Bridging The Gap
Nigerian government ordered to pay $9bn to private gas firm
  Friday 16 August, 2019
Nigerian government ordered to pay $9bn to private gas firm

A British judge has ordered the Nigerian government to pay $9bn in assets to a small private company.

The firm, P&ID, had reached a deal with the Nigerian government in 2010 to build a natural gas plant - but the deal fell through two years later.

P&ID then sued the government for failing to provide the gas or install the pipelines it had promised to build.

The firm was first awarded $6.6bn (5.4bn) in 2017, but the London court has now added $2.4bn in interest.

According to the firm's website, the deal would have allowed it to "build a state-of-the-art gas processing plant to refine natural gas...[that] Nigeria would receive free of charge to power its national electric grid".

The firm said it had accrued interest of $1.2m a day as a result of the collapsed deal, but the government's legal team said this was "manifestly excessive and penal", AFP reported.

The final amount of more than $9bn is equivalent to about 20% of Nigeria's declared foreign reserves of $45bn.

The government also told the Commercial Court in London that English courts did not have the authority to rule on the dispute.

Nigeria argued that as the original deal was made under Nigerian law, "the seat of the arbitration was Nigeria".

Source: https://www.bbc.com/news/world-africa-49377517

Bookmark and Share
 
Post Your Comments:
Name :
*
City / State:
*
Email address:
*
Type your comments:
*
Enter Security Code:   


 Latest News »
 
  Trump acknowledges bringing up...
  Trump talks with Democratic le...
  Trump slams former top nationa...
  Trump declares emergency in Fl...
  On climate, Trump says he won'...
  Donald Trump cancels trip to D...
  Trump advocates for more menta...
  'Make sure we win': Donald Tru...
  Trump threatens to retaliate a...
  Trump claims he'll 'end the AI...
  Trump accepts PM Imran's invit...
  Iraqi refugee Nadia Murad to T...
  Trump says U.S. shot down Iran...
  Trump retreats on citizenship ...
  Cities with the biggest Fourth...
  Donald Trump meets Kim Jong Un...
  Supreme Court blocks 2020 cens...
  A US attack could be imminent ...
  Donald Trump formally launches...
  Donald Trump talks health care...
 

Washington, DC

  2010 The Capital Post. All rights reserved.