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<p>Prying eyes are on the UK as Brexit is set to take place on the 31st of January. However before the UK exits from the European Union (EU) they are hosting a UK-Africa Investment Summit to strengthen ties and showcase opportunities in Africa. Her Majesty’s Trade Commissioner for Africa, Emma Wade-Smith joins CNBC Africa for more.</p>


These are the key issues set to be discussed at upcoming UK-Africa Investment Summit

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<p>Polls are currently underway in a crucial election for the United Kingdom that is being held under the provisions of the Early Parliamentary General Election Act of 2019. So who will take the reins at Downing Street and what are the key issues for voters? Raj Kulasingam, Senior Counsel from Dentos joins CNBC Africa from London for more.</p>


Everything you need to know as Britain goes to the polls

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<p>Today was meant to mark the day that Britain was due to depart from the European Union. But instead the fate of Britain’s departure will be decided in an election taking place in December.</p>


What’s next for Brexit as Britain heads to the polls?

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<p>Deon Gouws, Chief Investment Officer, Credo Wealth joins CNBC Africa to discuss the Brexit deal and how it will affect the global economy.</p>


Credo Wealth: What the Brexit deal means for SA investors

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<p>Norbert Sasse, the CEO of Growthpoint reveals the impact of Eskom’s load-shedding on SA’s largest property company.</p>


The cost of Eskom’s load-shedding on SA’s largest property company

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<p>The United Kingdom and the European Union have reached a draft Brexit deal in the eleventh hour of talks. This has happened on a day when South Africa’s largest listed real estate company Growthpoint is offering UK shopping centre owner Capital and Regional shareholders a premium of 100 per cent for their shares as they hope to have a controlling stake in the company. Joining CNBC Africa for more is Norbert Sasse, Group CEO of Growthpoint.</p>


Growthpoint scales up in UK as Brexit deal struck

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<p>The United Kingdom and the European Union have reached a draft Brexit deal in the eleventh hour of talks ahead of a crucial EU summit today. CNBC unpacks the details of this deal.</p>


New Brexit deal agreed

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<p>The news of the collapse of UK based global travel firm, Thomas Cook has shaken the travel industry, left thousands of staff and suppliers unsure of what the future will bring and over 100,000 travellers stranded, due to be returned home on Government rescue. As East Africa&#8217;s travel and tourism industry continues to experience robust growth – to share with us what she thinks tour operators, airlines and the industry at large can gain from this harrowing lesson, Head of African Expansion for Wakanow.com, Fifi Rurangwa joins CNBC Africa for more.</p>


What can Africa’s travel and tourism industry learn from the collapse of Thomas Cook?

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<p>Come Thursday the 26th of September, a UK court will rule on Nigeria&#8217;s efforts to fight an earlier arbitration award that threatens about $9.6 billion worth of Nigeria&#8217;s international assets. To discuss what to expect, Sam Chidoka, MD and CEO of Kairos Capital joins CNBC Africa for more.</p>


UK court to lay down final verdict on Nigeria’s P&ID case on Thursday

By <span><a href="https://theconversation.com/profiles/oludara-akanmidu-495255">Oludara Akanmidu</a>, <em><a href="http://theconversation.com/institutions/de-montfort-university-1254">De Montfort University</a></em></span>

<p>Nigeria has received a legal hiding after a UK court awarded a private company a US$9.6 billion <a href="https://www.grantthornton.co.uk/insights/quantum-matters--record-usd6.6bn-award-against-nigeria/">judgment debt</a> against the West African nation. The ruling has generated significant attention in both domestic and international media. This is understandable given that the sum amounts to 20% of the country’s foreign <a href="https://thenationonlineng.net/9-6bn-judgment-fraudulent-target-on-our-foreign-reserve-fg/">reserves</a>. This means it poses a significant threat to its economy.  </p>

<p>The big question is: What went wrong? How did Nigeria end up in this costly situation? For the answer, we must look back to January 2010 and a gas supply contract that went horribly wrong.</p>

<h2>The Background Story</h2>

<p>On 11 January 2010 Process and Industrial Development (P&amp;ID), a company based in the British Virgin Islands, signed a contract with the Federal Government of Nigeria. This contract is called a gas supply and processing agreement. Nigeria’s government agreed that, over a 20-year period, it would supply natural gas (wet gas) to P&amp;ID’s production facility. </p>

<p>In return, P&amp;ID would process the wet gas by removing natural gas liquids and return approximately 85% of it to the government in the form of lean gas. This lean gas was to be returned at no cost to the Nigerian government. </p>

<p>Based on this agreement, Nigeria was supposed to arrange for the supply of wet gas to P&amp;ID’s gas processing facility which it intended to build in the country’s Cross Rivers State. This required the government to construct pipelines and arrange facilities for transporting the wet gas. The government failed to do this for three years. </p>

<p>P&amp;ID viewed this failure as a repudiation of the contract. In simpler terms, this means that the government renounced their obligation under the contract. Consequently, in March 2013, P&amp;ID began an <a href="https://www.grantthornton.co.uk/insights/quantum-matters--record-usd6.6bn-award-against-nigeria/">arbitration</a> action against the government before a London tribunal.</p>

<p>Clause 20 of the agreement, which both parties signed, provided that any disputes were to be resolved by arbitration with the seat of arbitration being London, England or any other place agreed by the parties. Nigeria tried to contest this, but its appeal to have the tribunal sit in Nigeria failed.</p>

<p>At the tribunal, P&amp;ID <a href="https://pacer-documents.s3.amazonaws.com/36/194469/04516479471.pdf">claimed</a> that it had invested $40 million in the project even though it had not acquired the land or built any facilities for gas processing. It claimed damages of about US$6.6 billion dollars: the amount of the net income it would have earned over the 20-year period of the agreement. </p>

<p>In response, the government argued that the damages claimed were not a fair and reasonable consequence of the government’s breach of the agreement. This is because P&amp;ID never commenced building the gas processing facility. It also argued that P&amp;ID should be awarded only three years’ worth of income as by that time, the company should have found some other profitable investment which would reduce its losses from the breach. </p>

<p>Similarly, the government objected to the measure of estimated expenses and income stream which P&amp;ID used to calculate its damages claim. </p>

<h2>The tribunal’s decision</h2>

<p>In July 2015 the tribunal decided that by failing to fulfil its obligations, the government had repudiated the agreement. P&amp;ID was therefore entitled to damages. </p>

<p>In January 2017, the tribunal by a majority of 2 to 1 made a final award of US$6.597 billion together with interest at the rate of 7% starting from 20 March 2013 until payment is made. The 7% <a href="https://pacer-documents.s3.amazonaws.com/36/194469/04516479471.pdf">interest</a> reflects what P&amp;ID would have paid to borrow the money or earned by investing the money in Nigeria. </p>

<p>Following the tribunal’s award of damages, in March 2018, P&amp;ID brought an action before the Queen’s Bench Division of the English Commercial Court. It wanted permission to enforce the damages awarded by the tribunal. Despite delays by the Nigerian government, on 16 August 2019, the court made an order enforcing the tribunal’s final award which now stands at about $9.6 billion. </p>

<p>In making this award, the court noted that the damages awarded were purely compensatory and not intended to punish the Nigerian government. The court also confirmed that there were no public policy grounds on which the award should not be enforced. This decision converts the arbitration award to a legal judgement. </p>

<p>This case perhaps highlights issues with Nigeria’s ability to effectively manage its oil and gas resources as well as its facilities. Between January and June 2019 alone, it is reported that Nigeria <a href="https://guardian.ng/news/why-crude-oil-losses-persist-despite-huge-surveillance-contracts/">lost</a> 22 million barrels of crude oil.</p>

<p>These losses have been largely attributed to pipeline vandalism and aged pipelines. The Nigerian National Petroleum Corporation recently spent billions on oil pipelines maintenance. But other problems, such as <a href="http://saharareporters.com/2018/11/20/exclusive-protests-nnpc-awards-1848m-contract-without-following-due-process">corruption</a> and fraud in awarding security surveillance contracts for pipelines, persist.</p>

<h2>Next steps</h2>

<p>The $9.6 billion appears to be the largest amount of damages awarded against Nigeria to date. Evidence however suggests this is not the first time that Nigeria has failed to meet its contractual obligations. In 2016 it was reported that investors in Nigeria’s power sector <a href="https://qz.com/africa/591036/investors-are-threatening-to-pull-out-of-nigerias-fragile-privatized-power-sector/">threatened</a> to pull out due to the government’s failure to meet its contractual obligations.</p>

<p>This case also demonstrates an ongoing issue with the government’s attitude to critical infrastructural projects. The <a href="https://www.researchgate.net/publication/309943763_Politics_of_Hydroelectric_Power_Development_in_Nigeria_A_Case_Study_of_the_Mambilla_Hydroelectric_Power_Project">Mambilla</a> hydroelectric power project is a case in point. In spite of the huge potential offered by the project, it has been plagued by several controversies ranging from corruption and embezzlement of funds to the “irregular” awarding of contracts, and a general lack of political will. </p>

<p>The Nigerian government is yet to pay the judgement debt. <a href="https://www.vanguardngr.com/2019/08/fg-alleges-conspiracy-in-9-6bn-judgment-debt/">Allegations</a> of domestic and international conspiracy surrounding the agreement continue to abound. For now, the government has said that it intends to appeal the amount awarded.<img loading="lazy" decoding="async" src="https://counter.theconversation.com/content/122740/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important" /></p>

<p><span><a href="https://theconversation.com/profiles/oludara-akanmidu-495255">Oludara Akanmidu</a>, Lecturer  in Law, <em><a href="http://theconversation.com/institutions/de-montfort-university-1254">De Montfort University</a></em></span></p>

<p>This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/explainer-how-nigeria-got-hit-with-a-9-6-billion-judgment-debt-in-london-122740">original article</a>.</p>

Explainer: A UK court hit Nigeria with a $9.6 billion judgment debt, how did the West African country end up in this costly situation?


<p>LAGOS, Aug 16 (Reuters) &#8211; A judge in London said on Friday he
would grant a firm called Process and Industrial Developments Ltd (P&amp;ID)
the right to seek to seize some $9 billion in assets from the Nigerian
government over an aborted gas project.</p>



<p>The
company was awarded $6.6 billion in an arbitration decision over a failed
project to build a gas processing plant in the southern Nigerian city of
Calabar. With interest payments, the sum now tops $9 billion &#8211; some 20% of
Nigeria’s foreign reserves</p>



<p>The
judge’s decision, issued on Friday, converts the arbitration award to a legal
judgement, which would allow P&amp;ID to try to seize international assets.</p>



<p>Lawyers
representing the Nigerian government argued the award should not be enforced
because England was not the correct place for the case, and even if it were,
the amount awarded was “manifestly excessive.”</p>



<p>Mr
Justice Butcher of the Commercial Court rejected these arguments and said he
would “receive submissions from the parties as to the precise form of order
appropriate.”</p>



<p>A
spokesman for Nigeria’s President Muhammadu Buhari directed requests for
comment to the Ministry of Justice, which did not immediately respond. A
spokeswoman for the law firm representing the Nigerian government in London did
not immediately provide a comment on the ruling.</p>



<p>“P&amp;ID
is committed to vigorously enforcing its rights, and we intend to begin the
process of seizing Nigerian assets in order to satisfy this award as soon as
possible,” said Andrew Stafford, Q.C. of Kobre &amp; Kim, which represents
P&amp;ID.</p>



<p>The
case involves a 2010 deal in which the Nigerian government agreed to supply gas
to a processing plant in Calabar that P&amp;ID – a firm founded by two Irish
businessmen specifically for the project &#8211; would build and run.</p>



<p>In
2012, P&amp;ID took the government to arbitration over the failure of the deal
and won the award, which was based on what it could have earned during the
20-year agreement.</p>



<p>Stafford
said that with accrued interest, the award now tops $9.6 billion.</p>



<p>Legal experts told Reuters previously that assets used for diplomatic purposes – such as the Nigerian High Commission building in central London – are not eligible for seizure, but commercial assets are. </p>



<p>(Reporting by Libby George, additional reporting by Felix Onuah and Camillus Eboh in Abuja; Editing by Mark Potter)</p>


UK judge will allow firm to try to seize $9 billion in Nigerian assets in gas dispute, what you need to know


<p>By <a href="https://www.cnbc.com/holly-ellyatt/">Holly Ellyatt</a></p>



<p>Boris Johnson has won a Conservative Party leadership race and will become the U.K.’s next prime minister.</p>



<p>Johnson was elected as his party leader, and consequently the U.K. leader, only by the estimated 160,000 members of the ruling Conservative Party. He will take up office on Wednesday.</p>



<p>The new prime minister, who has previously been the U.K. foreign minister and mayor of London, will likely usher in a new team of ministers. Some incumbents have already announced their impending departure,&nbsp;<a href="https://www.cnbc.com/video/2019/07/15/watch-cnbcs-full-interview-with-uk-chancellor-philip-hammond.html" class="">including Finance Minister Philip Hammond</a>, largely because of their different stances over Brexit.</p>



<p>The leadership contest took place after Theresa May announced she would resign as prime minister following repeated rejections of the Brexit deal she struck with the EU last year.</p>



<p>How Johnson will proceed with Brexit now will be an immediate focus, given an impending deadline to leave the bloc of October 31, and still no deal agreed upon by the U.K. parliament.</p>



<p>Johnson is infamous for his off-the-cuff remarks and somewhat eccentric character, and he has long been an influential and outspoken member of the Conservative Party. His decision to support the “Leave” vote ahead of the U.K.’s referendum on EU membership in June 2016 was seen as having a decisive effect on the result.</p>



<p>Since then, Johnson has made more controversial remarks over Brexit; most recently insisting that the U.K. must leave the EU on October 31 “do or die, come what may” despite widespread concern over what a “no-deal” departure could mean for U.K. businesses and the economy.</p>



<p>Leaving without a deal in place with the EU would mean there is no transition period for the country to get used to life outside the EU’s trading bloc. Trade and transport links between the EU and U.K. could therefore be severely affected.</p>



<p>Johnson also got into hot water in recent weeks for his apparent reluctance to support the U.K.’s ambassador to the U.S.&nbsp;<a href="https://www.cnbc.com/2019/07/10/uk-ambassador-to-the-us-resigns-after-leaked-emails-fiasco.html" class="">following a leak of secret memos criticizing the President Donald Trump administration</a>.</p>



<p><em><strong>This is a breaking news story, please check back later for updates.</strong></em></p>



<p><em>This article first appeared on CNBC </em><a href="https://www.cnbc.com/2019/07/23/boris-johnson-to-become-uk-prime-minister.html"><em>https://www.cnbc.com/2019/07/23/boris-johnson-to-become-uk-prime-minister.html</em></a><em> and is republished with its permission.</em></p>


Boris Johnson to become UK prime minister after winning leadership race

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<p>The UK’s development finance institution, CDC Group, has announced a $25 million-dollar commitment to a local fund backing small and medium-sized businesses in Nigeria. Nick O’Donohoe, CEO of CDC Group joins CNBC Africa to discuss the group&#8217;s plans for Nigeria.</p>


CDC plans to invest $4.5bn in Africa

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<p>The UK will tomorrow celebrate national mentoring day which aims to recognise and celebrate the benefits of mentoring. To understand the impact mentoring would have on Africa’s economic growth, CNBC Africa is joined by Ineza Mireiile Karera, CEO of Kora Coaching Group.</p>


Understanding the impact of mentoring on Africa’s economic growth

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<p>The UK residential property market is ripe with opportunities for local investors wanting to diversify their portfolio. That’s despite the economic uncertainty around Brexit and the future of the UK outside of the Eurozone trading block. That is according to Johnny Conran, Director of Seven Capital Investments. CNBC Africa&#8217;s Fifi Peters caught up with him at the Global Investment Conference taking place in Sandton this week.</p>


UK residential property market ripe for investment, says Seven Capital’s Johnny Conran

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<p>Theresa May is the first global leader who absolutely understands the critical issue that Africa is facing today says Bolaji Balogun CEO Chapel Hill Denham. He analysed the UK’s agenda for Nigeria and the significance of May’s visit with CNBC Africa’s Wole Famurewa.</p>


What is Britain’s agenda for Nigeria?

<p>CAPE TOWN (Reuters) &#8211; Britain will use its international aid budget to boost its national interest and deepen trade ties with Africa, Prime Minister Theresa May will tell an audience in South Africa on Tuesday.</p>
<p>May, battling to unite her divided party over her plan to take Britain out of the European Union, will also visit Nigeria and Kenya as part of a three-day visit to Africa alongside a group of business delegates.</p>
<p>She is expected to recommit to maintaining the overall British aid budget at 0.7 percent of economic output but will add that she will be “unashamed” to use it in a way that helps Britain.</p>
<p>The target has previously come under fire from many of May’s own lawmakers who say it is a blunt tool that is too high and should be spent elsewhere or in Britain itself.</p>
<p>May will say she wants Britain to become the biggest investor in Africa out of the countries in the Group of Seven nations, overtaking the United States, by using the aid budget to help British private sector companies invest on the continent.</p>
<p>“I am unashamed about the need to ensure that our aid programme works for the UK,” May will say in her speech, according to extracts released by her office.</p>
<p>“Today I am committing that our development spending will not only combat extreme poverty, but at the same time tackle global challenges and support our own national interest. This will ensure that our investment in aid benefits us all, and is fully aligned with our wider national security priorities.”</p>
<p>Writing by Kate Holton; editing by Michael Holden</p>


UK

These are the key issues set to be discussed at upcoming UK-Africa Investment Summit

Everything you need to know as Britain goes to the polls

What’s next for Brexit as Britain heads to the polls?

Credo Wealth: What the Brexit deal means for SA investors

The cost of Eskom’s load-shedding on SA’s largest property company

Growthpoint scales up in UK as Brexit deal struck

New Brexit deal agreed

What can Africa’s travel and tourism industry learn from the collapse of Thomas Cook?

UK court to lay down final verdict on Nigeria’s P&ID case on Thursday

Explainer: A UK court hit Nigeria with a $9.6 billion judgment debt, how did the West African country end up in this costly situation?

UK judge will allow firm to try to seize $9 billion in Nigerian assets in gas dispute, what you need to know

Boris Johnson to become UK prime minister after winning leadership race

CDC plans to invest $4.5bn in Africa

Understanding the impact of mentoring on Africa’s economic growth

UK residential property market ripe for investment, says Seven Capital’s Johnny Conran

What is Britain’s agenda for Nigeria?

May in South Africa to discuss Britain’s plans to boost trade in Africa, what you need to know…

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UK

These are the key issues set to be discussed at upcoming UK-Africa Investment Summit

Everything you need to know as Britain goes to the polls

What’s next for Brexit as Britain heads to the polls?

Credo Wealth: What the Brexit deal means for SA investors

The cost of Eskom’s load-shedding on SA’s largest property company

Growthpoint scales up in UK as Brexit deal struck

New Brexit deal agreed

What can Africa’s travel and tourism industry learn from the collapse of Thomas Cook?

UK court to lay down final verdict on Nigeria’s P&ID case on Thursday

Explainer: A UK court hit Nigeria with a $9.6 billion judgment debt, how did the West African country end up in this costly situation?

UK judge will allow firm to try to seize $9 billion in Nigerian assets in gas dispute, what you need to know

Boris Johnson to become UK prime minister after winning leadership race

CDC plans to invest $4.5bn in Africa

Understanding the impact of mentoring on Africa’s economic growth

UK residential property market ripe for investment, says Seven Capital’s Johnny Conran

What is Britain’s agenda for Nigeria?

May in South Africa to discuss Britain’s plans to boost trade in Africa, what you need to know…

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