Tag: process and industrial development
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 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.
Come Thursday the 26th of September, a UK court will rule on Nigeria's efforts to fight an earlier arbitration award that threatens about $9.6 billion worth of Nigeria's international assets. To discuss what to expect, Sam Chidoka, MD and CEO of Kairos Capital joins CNBC Africa for more.
Following the recent Federal High Court judgement ordering the closure of operations of Process and Industrial Development (P&ID) – Senior Advocate of Nigeria and Human Rights Lawyer, Femi Falana joins CNBC Africa's Christy Cole for more.