’Femi Asu with agency reportA firm incorporated in the British Virgin Islands, Process and Industrial Developments Limited, will ask a British court on Friday (today) for the right to seize up to $9bn of Nigerian government assets over an aborted gas project. When the deal failed, P&ID won a $6.6bn award at arbitration, based on what it could have earned during the 20-year agreement. Nigeria has tried to nullify the award, saying it was not subject to international arbitration but British courts rejected the argument. He added that going after state assets following arbitration had become a well-trodden path over the past 15 years and it would be difficult for Nigeria to avoid paying compensation. While assets that are used for diplomatic purposes – such as the Nigerian High Commission building in central London – were off the table, commercial assets were up for grabs.

Source: Punch June 14, 2019 01:40 UTC