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World Nigeria Asks U.K. Court to Allow Appeal of $9.6 Billion Award

15:26  13 july  2020
15:26  13 july  2020 Source:   bloomberg.com

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Nigeria mounted a new challenge in a U . K . court to the multi- billion -dollar award won against it by gas company Process & Industrial Development over a failed 2010 deal for a processing plant. Nigeria Files New Challenge to $ 9 . 6 Billion Gas-Deal Award .

DAKAR, Senegal - The U . K . Commercial Court has given Nigeria ’s government permission to appeal a ruling that would allow a private company to seize more than $ 9 . 6 billion in the country’s assets. The court on Thursday also approved the Nigerian government’s application for a stay of execution

(Bloomberg) -- Nigeria’s government is in a London court to ask for more time to appeal a $9.6 billion arbitration award, an amount that is more than the country’s income from oil last year.

a man standing next to a truck: The under-construction Dangote Industries Ltd. oil refinery. © Bloomberg The under-construction Dangote Industries Ltd. oil refinery.

The country, Africa’s largest crude producer, wants more time to pursue its accusations that the 2010 gas-supply contract with Process & Industrial Developments Ltd. was a sham. Last year, a British judge upheld the arbitration award P&ID won in 2017.

The dispute comes as the West African nation’s revenue is being disrupted by a collapse in oil prices. It applied to U.S. courts in March seeking documents from 10 banks, including Citigroup Inc. and JPMorgan Chase & Co., in a bid to prove its corruption allegations. P&ID denies any wrongdoing, and argues that Nigeria missed its window to appeal.

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Nigeria potentially faces the largest financial liability in its history, and a hedge fund is coming to And the gas company is trying to pull levers of power in the U .S. and the U . K . to make Nigeria settle or The attorneys are also trying to confirm the award in courtrooms in Washington and London, which

UK Appeal Court shortly after the UK Commercial Court ordered a stay of execution of the $ 9 . 6 It, however, asked the government to make a security payment of 0million to the court within 60 Nigeria is seeking the help of Irish law enforcement and the U . K .’s National Crime Agency, for the

a man standing next to a truck: The under-construction Dangote Industries Ltd. oil refinery. © Bloomberg The under-construction Dangote Industries Ltd. oil refinery.

“It is very unusual in a fraud case to discover a single smoking gun,” Mark Howard, Nigeria’s lawyer, said Monday on the first morning of a two-day hearing. “By its very nature, fraud is conducted in secret,” which makes it hard to detect and justifies an extension, he said.

Nigeria’s lawyers are seeking another hearing for the judge to decide whether misconduct has taken place, and whether it justifies overturning the contract.

Evidence of P&ID’s “highly orchestrated scam” had only recently come to light, Nigerian Attorney General Abubakar Malami said in a statement.

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A united kingdom Commercial Court has granted Nigeria ’s application request for leave to file an appeal against the award of $ 9 . 6 billion to ab Irish Another application for a stay of execution of the award was still in progress. P&ID secured the damages against Nigeria following a failed Gas Supply

A British Commercial Court yesterday affirmed the ruling of a London Arbitration Tribunal which in January 2017, awarded . 6 billion judgement debt against the However, analysts are worried that the British court simply rewarded P&ID with the monstrous amount for doing nothing for Nigeria .

Lawyers to the West African nation say they have uncovered alleged bribes to government officials and their family members dating back to 2009.

“There is good reason to believe that ministers at the highest level were involved in a corrupt scheme to steal money from Nigeria,” Malami said in court filings submitted on March 24.

P&ID, a British Virgin Islands-registered firm, alleges that the Nigerian government invented the fraud allegations to avoid paying its legitimate penalty. P&ID’s spokesmen in London didn’t immediately respond to an e-mail seeking comment.

Nigeria would still have options for appealing should it lose in the London court.

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©2020 Bloomberg L.P.

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