Nigeria says the outcome form Friday’s UK court hearing is a major victory as the court granted Nigeria an extension to appeal the almost $10 billion arbitrary case. Chinedu Anaje, Managing Partner at AO2 Law joins CNBC Africa for more.
A spokesman for Nigeria’s Attorney General says the Nigerian government on Thursday placed a bank guarantee of 200 million dollars with a high court in London to secure a stay on asset seizures of up to $9 billion related to a failed gas project in an ongoing case with Process & Industrial Developments. Constitutional Lawyer and Rights Advocate, Evans Ufeli joins CNBC Africa to discuss this story.
Today, 25th of November, is the deadline given by the U.K Court sitting on the Nigeria and Process and Industrial Development (P&ID) case to pay $200 million. The order came while granting Nigeria’s request to stay execution of the $9.6 billion award in favour of P&ID. Kayode Akindele, Partner at TIA Capital joins CNBC Africa to discuss this story.
Process and Industrial Development (P&ID) says the Nigerian Government will now have to put its money where its mouth is if it wants to avoid immediate seizure of its assets. This comes after a U.K judge granted Nigeria’s request for a stay of execution on any asset seizures while its legal challenge of the $9.6 billion verdict is pending. But, the court ordered Nigeria to pay $200 million to the court within 60 days to ensure the stay. James Langley, Partner at Dentos joins CNBC Africa to discuss this development.
A U.K court today granted the Federal Government of Nigeria a leave to appeal against the award and enforcement of the $9.6 billion judgement awarded to Process and Industrial Developments (P&ID) to seize N9.6 billion worth of Foreign Nigerian assets. To discuss this story and for a focus on Nigeria’s equities market, Johnson Chukwu, CEO of Cowry Assets joins CNBC Africa for more.
A U.K court will today announce its ruling on the case of a failed gas project between Nigeria and Process and Industrial Development (P&ID). A ruling in favour of P&ID could empower the company to seize Nigerian foreign assets to the tune of $9.6 billion. To discuss what the implication of such verdict could mean for Nigeria’s economy are Muda Yusuf, Director General of the Lagos Chamber of Commerce and Industry and Kayode Akindele , Partner at TIA Capital both join CNBC Africa for more.
At the General Debate of the on-going 74th Session of the United Nations General Assembly, Nigeria’s President Muhammadu Buhari described the controversial $9.6 billion failed gas project case between Nigerian and Process and Industrial Development as an example of a ‘scam’. To breakdown the legalities around the case, Chinedu Anaje, Managing Partner at A02 Law joins CNBC Africa for more.
UK judge will allow firm to try to seize $9 billion in Nigerian assets in gas dispute, what you need to know
The judge’s decision, issued on Friday, converts the arbitration award to a legal judgement, which would allow P&ID to try to seize international assets.