British Court Gives P&ID Permission To Seize Nigeria’s $9bn Assets

Process and Industrial Development Limited (P&ID) on Friday, August 16, were given permission by a British court to seize Nigerian assets worth $9 billion.

Yaahoo Journalist reports that the British court delivered the judgment in favour of P&ID in London, the United Kingdom on Friday.

This online news medium understands that the case in question is a deal agreement, to build a gas processing plant in Calabar in 2010, which collapsed because Nigeria did not meet its end of the bargain.

Commenting on the judgement on behalf of the company, Andrew Stafford Q.C. of Kobre & Kim said: “We are pleased that the Court has rejected Nigeria’s objections both to the arbitration process and to the amount of the award and that it will grant permission to P&ID to begin enforcement of the award in the United Kingdom.

“The Court has ruled decisively in P&ID’s favour and has comprehensively rejected Nigeria’s efforts to avoid payment of this award of over $9.6 billion.

“P&ID is committed to vigorously enforcing its rights, and we intend to begin the process of seizing Nigerian assets in order to satisfy this award as soon as possible.”