Process and Industrial Developments Ltd (P&ID) has said that there is a possibility of seizing Nigerian naval vessels or oil cargoes to enforce the order of a British court’s N9.6 billion judgment debt against Nigeria.
It would be recalled that a court in London gave P&ID the go-ahead to seize Nigerian assets worth $9billion in a ruling which stemmed from a 20-year gas and supply processing agreement (GSPA) between P&ID and the federal government in 2010 to build a state-of-the-art gas processing facility in Caliber.
The plant, in which Nigeria was to have a 10 percent stake, was to refine associated natural gas into non-associated natural gas to power the national electric grid.
The project however collapsed because Nigeria did not meet its end of the bargain.
The firm then resorted to litigation.
It was first awarded $6.6 billion in an arbitration case in January 2017 by a US District Court.
The federal government refused to pay the sum.
The damages increased to $9 billion after interest.
Speaking in an in an interview with Punch, the company’s representative, Mr. John Ehiguese said they would seize Nigeria’s assets in the United Kingdom and US to recover the judgement debt.
He said their lawyers were searching for any Nigeria’s property worth $9.6bn to seize in order to recover their money.
“We cannot confirm specifics. However, the P&ID’s legal team is working diligently to identify and target assets that may be used for enforcement of the tribunal award.
“There have been many successful enforcement cases against sovereign states in the past.
“In the case against Argentina, creditors detained an Argentine naval vessel; in the case against Venezuela there was the seizure of state-owned oil cargo. There is a wide range of potential assets,” he said.
Recall that the federal government has directed its Solicitor-General to appeal the ruling by Justice Butcher of the UK Commercial Court that an Irish company P&ID can seize Nigeria’s assets worth $9 billion.
Nigeria and the Irish company had been at legal battle over a failed gas supply agreement with the Nigerian government.
Meanwhile, the solicitor general of the federation, Mr. Dayo Apata, said in a statement that Nigeria would appeal the judgment and ask for a stay of execution.
Reacting on that Ehiguese said: “The real question is: is the Nigerian Government willing to enter good-faith negotiations? The ball is now in the court of the Buhari administration to demonstrate a mature, good-faith approach to a resolution; their legal arguments have been completely rejected.
“In the meantime, the P&ID will look to seize Nigeria’s assets in the UK to enforce the award as soon as possible. The company’s current focus is vigorously enforcing the award.
“The onus is on the Nigerian government and the Buhari Administration to demonstrate a mature, good-faith approach to a resolution.”
The Irish firm accused the federal government of engaging in a smear campaign instead of addressing the issues.
It said, “Instead of accepting responsibility or pursuing a negotiated settlement, the Buhari administration has regrettably chosen to continue its campaign of misinformation and misdirection, including wild allegations against the English judge and commencing a sham investigation.
“This approach is not constructive, and will not help to resolve the situation. The P&ID will begin enforcing its legal rights, including the seizure of Nigerian assets in the UK.”
