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Dayo Apata
Dayo Apata

Nigeria To Appeal London Court Ruling On $9BN Assets Seizure - Dayo Apata

Jayfred Ugo

An Irish firm, called Process and Industrial Development Limited (P&ID), had in 2013 won a $6.6bn arbitration lawsuit against the federal government following a breach of contract by the Cross River State government in 2010.

The arbitration case started in 2010 when an agreement between the Irish firm and the Nigerian government to build a gas processing plant in Calabar, Cross River State, collapsed. It was reported that the Nigerian government failed to live up to the terms of the contract, which triggered a lawsuit from the Irish company accusing Nigeria of "Breach of Contract."

The $9bn fee is an estimated figure of what the company could have earned over the course of the 20-year agreement as calculated. A British court has ruled in favour of the Irish company, which means Nigeria would be paying them $9bn (U.S Dollars). However, the Nigerian government tried to nullify the ruling on the basis that it was not a case to be heard outside the shores of Nigeria, but the British judiciary rejected the argument.

On Friday evening, a statement issued by the Solicitor-General of the Federation and Permanent Secretary, Federal Ministry of Justice, Dayo Apata, insisted that the government has instructed its lawyers to appeal against the ruling.

"The government of Nigeria would appeal Friday’s ruling of a court in London order about $9bn worth of its assets to be given to Process and Industrial Development Limited for breach of contract," Apata said.