FG Vows To Appeal British Court Order On $9bn Judgment
The federal government has vowed to appeal against Friday’s judgment by an English court which gave Process and Industrial Development Limited (P&ID) the go-ahead to seize Nigerian assets worth $9 billion .
In a statement released on Friday evening, Dayo Apata, the solicitor general of the federation and permanent secretary, federal ministry of justice, said Nigeria will seek for a stay of execution.
“Please recall the dispute that led to Arbitration between Federal Government of Nigeria (FGN) and Process and Industrial Development Ltd which arose from a 20 year Gas Supply and Processing Agreement (GSPA) entered in 2010 between FGN (through the Ministry of Petroleum Resources) and P & ID in respect of an accelerated gas development project in Nigeria’s OMLs 67 and 123. P&ID never began the construction of the project facility although it alleges it incurred about $40 Million in preliminary expenses.
“P & ID’s claim in the arbitration proceedings was mainly for loss of profit for the entire twenty-year term of the GSPA, initially claiming the sum of US$1.9 Billion and later increasing its claim to US$5.9 Billion.
“Upon the Award, P & ID commenced recognition and enforcement proceedings of the arbitration award against FGN in March 2018 in both the United Kingdom (“UK”) and the United States of America (the “United States”).
“The FGN is duly represented in the proceedings in the United States by the Law Firm of Curtis, Mallet-Prevost, Colt & Mosle LLP which also represented it.
“in the UK proceedings of which judgement was given on 16th August 2019 in favour of the P&ID to commence enforcement proceeding against the FGN assets in the UK.
“As regards the recent Judgment of the English Court of 16 August 2019, the Federal Government’s Counsel has been instructed to pursue an appeal on the judgment of the English Court dated 16 August 2019 and at the same time seek for a Stay of Execution of the said judgment.
“In view of the above, please be informed that the Federal Government of Nigeria is making vigorous efforts to defend its interest in this matter and would not relent in exploring every viable option in doing so.”