A British court has ruled that an engineering and project management company, Process and Industrial Developments Ltd., has the right to seize $9bn in Nigerian assets.
The Press release reportedly stated that it was entirely proper for Nigeria to “assert all available and proper defences to the claims brought by Process Industrial Development Limited.” “P&ID’s claim in the arbitration proceedings was mainly for loss of profit for the entire 20-year term of the GSPA, initially claiming the sum of $1.9bn and later increasing its claim to $5.9bn.
“The figure was calculated based on what the company was estimated to have earned over the course of the 20-year agreement,” City AM said; noting that, “P&ID now says interest accrued means it is owed $9bn.” It stated, “P&ID conceived and planned a project that would deliver much-needed power generation to millions of Nigerians, and create profitable by-products for sale on the international market.
“Under the agreement, the Nigerian government was to ensure that all necessary pipelines and related infrastructure were installed and that arrangements were made with agencies and third parties to deliver gas for P&ID to process. “In July 2015, the tribunal in London unanimously concluded that Nigeria was liable for the government having repudiated the agreement with P&ID.