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Nigeria wins big as UK court quashes $11bn P&ID award

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A court in the UK Monday quashed a $11bn Judgement debt awarded in favour of Process & Industrial Developments (P&ID) Limited some years ago.

Justice Robin Knowles of the Commercial Courts of England and Wales, in the case between the Federal Government of Nigeria and Process & Industrial Developments (P&ID) Limited, upheld Nigeria’s prayer that the gas processing contract was obtained by fraud.

In the judgement delivered after five years of legal battle, Judge Knowles said: “In the circumstances and the reasons I have sought to describe and explain, Nigeria succeeds on its challenge under section 68. I have not accepted all of Nigeria’s allegations. But the awards were obtained by fraud and the awards were and the way in which they were procured was contrary to public policy.

“What happened in this case is very serious indeed, and it is important that Section 68 has been available to maintain the rule of law.

Citing Section 68 (3), Judge Knowles said: “ ‘(3) If there is shown to be serious irregularity affecting the tribunal, the proceedings or the award, the court may – (a) remit the award to the tribunal, in whole or in part, or (c) declare the award to be of no effect, in the whole or in part. The court shall not exercise its power to set aside or to declare an award to be of no effect, in whole or in part, unless it is satisfied that it would be inappropriate to remit the matters in question to the tribunal for reconsideration.’

“I was asked by Lord Wolfson KC in closing that should my judgement conclude in favour of Nigeria, as it does, to leave over the question of the order the court should make so that the parties have the opportunity to present argument once they have considered the judgement. I respect and will hear that argument as soon as that can be arranged.”

It would be recall that P&ID had agreed with Nigeria in 2010 to build a gas processing plant in Calabar, Cross River State, but the company said the deal collapsed because the Nigerian government did not fulfill its end of the bargain.

Claiming Nigeria breached the terms of the contract, P&ID took a legal recourse and secured an arbitral award against the country.

On January 31, 2017, a tribunal ruled that Nigeria should pay P&ID $6.6 billion as damages, as well as pre-and post-judgment interest at seven per cent.

Following the judgment, Nigeria applied for an extension of time and relief from sanctions. The application was granted by Ross Cranston, a judge of the Business and Property Courts of England and Wales, in September 2020, thereby returning the case to arbitration. Nigeria had alleged that the gas deal was a scam conceived to defraud the country.

Lawyers representing the federal government told the court that P&ID officials paid bribes to secure the contract.

But P&ID denied the allegation and accused the Nigerian government of “false allegations and wild conspiracy theories”.

In a March trial at the court, Nigeria alleged that the contract was secured through dishonest means that included bribery and perjury and that the arbitration award, which has now risen to $11 billion because of interests, should be quashed.

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Breaking: Nigeria to hold presidential election February 20 next year

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Nigeria will hold presidential election about one year from now, on February 20, 2027.

The Independent National Electoral Commission (INEC) announced this on Friday and said the National Assembly elections will also hold the same day.

INEC said governorship and State Houses of Assembly polls scheduled has been scheduled for March 6, 2027.

The INEC Chairman, Prof. Joash Amupitan, disclosed the election timetable at a news conference in Abuja today.

INEC had on February 4 indicated that it had completed work on the election timetable and schedule of activities despite the delay.

The commission noted that it had submitted its timetable to lawmakers but cautioned that some items in the schedule of activities could be affected depending on when the amended Electoral Act is eventually passed.

 

 

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Otedola hails Dangote refinery, says Dollar could exchange below N1,0000 in few months

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Nigerian billionaire businessman, Femi Otedola has hailed Dangote refinery for its massive impact in the nation’s oil industry, saying due to huge foreign exchange saved as a result of the milestone achieved by the refinery, the naira could trade below ₦1,000 to the dollar before the end of the year.

Otedola made this known on his X platform, while congratulating President of Dangote Group, Aliko Dangote, on the refinery’s attainment of its full production capacity of 650,000 barrels per day.

According to him, the refinery’s capacity to supply up to 75 million litres of Premium Motor Spirit (PMS) daily marks a transformative moment for Nigeria and the African continent, significantly altering the country’s energy landscape.

He noted that with domestic refining now in full swing after decades of reliance on fuel imports, pressure on the foreign exchange market is expected to ease considerably.

“With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly. I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” Otedola stated.

He further revealed that Dangote has commenced an additional $12 billion expansion project aimed at increasing refining capacity to 1.4 million barrels per day.

The expansion will also include the production of 2.4 million tonnes of no polypropylene and 400,000 metric tonnes of Linear Alkyl Benzene for detergent manufacturing.

Otedola described the development as a milestone for Nigeria’s economic growth, congratulating Dangote on what he called a historic achievement for the country.

 

 

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NiMet, Tomorrow.io begin five-day Co-Design workshop to advance digital climate advisory service

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The Nigerian Meteorological Agency (NiMet), in collaboration with Tomorrow.io, on Tuesday, began a five-day co-design workshop aimed at refining the Digital Climate Advisory Service (DCAS) Decision Tree.

In his remarks at the event, Prof. Charles Anosike, Director-General and CEO of NiMet, described the new climate advisory initiative as a game changer for helping farmers make smarter decisions based on weather information. He emphasised that the service is designed to support farmers in their everyday work by providing advice that is simple and easy to understand.

Brian Miranda, CEO representative of Tomorrow.io, expressed his appreciation to Prof. Charles Anosike, Director-General of the Nigerian Meteorological Agency (NiMet), recognising his foresight and strategic leadership in positioning NiMet as a leading National Hydrometeorological Service (NHMS) in Africa. He highlighted that NiMet’s adoption of artificial intelligence in meteorology will significantly enhance early warning systems for extreme weather events, thereby improving the agency’s ability to protect communities.

The workshop would strengthen the ongoing partnership on climate resilience for Nigerian farmers, ensure  farmer feedback and engender expert insights into the DCAS Decision Tree, resulting in more tailored climate advisories that will help farmers make better-informed decisions about planting and harvesting.

It is also focusing on developing a Crop Decision Tree (CDT) framework, bringing together participants from the Federal Ministry of Agriculture and Food Security, the Federal Ministry of Livestock Development, and representatives from farmer development groups. Each organization plays a critical role in the process. This collaborative approach will help integrate NiMet’s localized 2026 Seasonal Climate Prediction (SCP) with specific farming activities.

The system is designed to generate automated, actionable advisories tailored to various climate scenarios, such as prolonged dry spells, delayed rainfall onset, or early seasonal rains. These advisories will empower farmers to make timely decisions about when to plant, irrigate, or harvest, helping to reduce risks associated with adverse weather and ultimately enhancing agricultural productivity and resilience.

The five-day workshop will continue with a technical deep-dive session, during which participants will work together to develop the DCAS Decision Tree — a tool designed to assist Nigerian farmers in making informed choices. This decision tree will be tailored to address key challenges faced by local farmers, integrating expert insights and practical feedback to deliver actionable guidance for crop and livestock management based on climate information.

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