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UK Court Grants Nigeria Leave To Appeal $9.6bn Judgment …Asks FG To Pay $200m For Stay Of Execution
A United Kingdom Commercial and Arbitration Court, yesterday, granted the Nigerian Government leave to appeal against the award and enforcement of the judgment that asked Process and Industrial Development Limited (P&ID), to seize $9.6billion in Nigerian assets.
The court also considered and granted the application for stay of execution, and ordered the Federal Government to deposit the sum of $200million as security while the appeal is heard.
Nigeria’s Attorney General of the Federation and Minister of Justice, Abubakar Malami, who is the leader of the Nigerian legal team in London, confirmed the development, yesterday.
Malami; the Inspector-General of Police, Mohammed Adamu; and the Governor of Central Bank of Nigeria, Godwin Emefiele; had last Saturday led a delegation to the United Kingdom for the epic legal battle with P&ID.
Other government officials that were part of the trip included the Minister of Information and Culture, Lai Mohammed, and the acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu.
The court had on August 16 affirmed the ruling of a London arbitration tribunal, which, in January, 2017, awarded $6.6billion arbitral award against Nigeria over an alleged breach of a gas supply and processing agreement signed with P&ID in 2009.
The tribunal had ruled that Nigeria was liable for $6.6billion in damages, which increased to about $9.6billion with accruing interest.
Minister of Finance, Budget and National Planning, Zainab Ahmed, on August 26, described the judgment as an assault on all Nigerians.
She had said it was important for all Nigerians to rise up to the task of ensuring that the nation and its citizens were not unfairly treated on the matter.
The minister had said, “This matter that has brought us here today is a very weighty one. An award of $9.6billion is equivalent to N3.5trillion. N3.5trillion in our annual budget will be covering for us the personnel cost, which is about N3.2trillion and more. So, this award is unreasonable, excessive and exorbitant.”
Meanwhile, Process and Industrial Developments (P&ID) has reacted to the ruling of the United Kingdom Commercial and Arbitration Court which, yesterday, in London, ordered a stay of execution of the $9.6billion damages awarded against Nigeria pending the determination of an appeal by the Nigerian Government.
The court had asked the government to make a security payment of $200million to it, while also granting Nigeria’s leave to file an appeal against the award.
However, P&ID, in a statement, yesterday, said it welcomed the ruling that required that Nigeria must pay $200million before proceeding with the appeal.
“The court has ruled that the Nigerian Government must put up $200million to maintain a stay of execution whilst it pursues an appeal against enforcement of the now $9.6billion award in favor of P&ID.
The tribunal had ruled that Nigeria was liable for $6.6billion in damages, which increased to about $9.6billion with accruing interest.
The English Commercial and Arbitration ordered a stay of execution of the $9.6billion damages secured against Nigeria by Process and Industrial Developments (P&ID) pending the determination of an appeal by the Federal Government.
It, however, asked the government to make a security payment of $200million to the court.
The court also granted Nigeria’s leave to file an appeal against the award.
News
COAS Tasks Troops To Dominate Battlespace, Intensify Offensive In N/Central
The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has tasked troops of Operation SAVANNAH SHIELD to dominate the battlespace and intensify offensive operations against kidnappers, bandits and other criminal elements in the North Central region.
Shaibu gave the directive yesterday during his maiden operational visit to the Headquarters, Joint Task Force North Central (JTF-NC), at Sobi Barracks, Ilorin.
This is contained in a statement by the Acting Director, Army Public Relations, Col. Appolonia Anele, in Abuja, yesterday.
Shaibu said the Nigerian Army would remain resolute in its constitutional responsibility of safeguarding lives and property, stressing that troops must sustain pressure to decisively deny criminal elements freedom of action.
He assured personnel of continued deployment of combat enablers and operational resources to enhance clearance operations and dismantle criminal hideouts across Kwara and Niger states.
The COAS reaffirmed his commitment to troop welfare, noting that improved welfare remained critical to sustaining morale, operational effectiveness and combat readiness.
He urged the troops to remain disciplined, professional and loyal to the Constitution and the democratically elected government.
Earlier, the Theatre Commander, JTF-NC Operation SAVANNAH SHIELD, Maj.-Gen. Yakubu Yahaya, commended the COAS for his strategic leadership and support.
Yahaya assured that troops would remain committed and steadfast in restoring peace and stability in the region.
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Obuah’s Victory Excites Former Lawmaker as APC Primaries Conclude in Rivers West
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Navy Upgrades Training, Infrastructure To Tackle Security Threats
The Nigerian Navy says it is expanding training and infrastructure to address emerging security threats and strengthen operational efficiency across formations and units nationwide.
The Chief of Naval Staff, Vice Adm. Idi Abbas, spoke during the inauguration of projects at the Nigerian Navy Basic Training School (NNBTS) in Onne, Rivers as part of activities marking the Nigerian Navy’s 70th anniversary.
Abbas, represented by the Flag Officer Commanding, Naval Training Command (NAVTRAC), Rear Adm. Ebiobowei Zipele, said the projects reflected significant progress made by the navy since its establishment in 1956 from the British Royal Navy.
“Training and infrastructure have improved significantly to meet contemporary security challenges and fulfil the navy’s constitutional responsibilities.”
According to him, the anniversary provides the navy an opportunity to reflect on its achievements and contributions over the past seven decades.
Projects inaugurated included a remodelled female trainees’ hostel accommodating more than 500 occupants and an expanded golf course upgraded from one to nine holes.
Others were the NNBTS fuel dump, Chief Boatswain’s Mate House, renovated pharmacy department and a new theatre block at the Naval Medical Centre, Onne.
Abbas described the new theatre as a major milestone for the navy’s medical services.
“Previously, injured personnel requiring surgeries were referred outside the facility.
“With this theatre, surgeries can now be conducted within the base.’’
He added that a 30KVA inverter had also been installed to guarantee uninterrupted electricity supply at the training school.
The naval chief assured officers, ratings and trainees that the navy leadership remained committed to their welfare and wellbeing.
“These infrastructure upgrades show the commitment of the Chief of Naval Staff to addressing operational and welfare challenges promptly,” he said.
In addition, NAVTRAC distributed educational materials to pupils of Community Primary Schools One and Two, Ogale, in Ebubu-Eleme area of Rivers.
Items distributed included exercise books, school bags and other writing materials as part of the navy’s civil-military engagement initiative.
Zipele said the outreach was designed to strengthen relations between the navy and host communities while supporting children’s education.
“Education remains critical to national growth and youth empowerment. Some of these pupils may eventually serve in the Nigerian Navy,” he said.
He noted that the initiative demonstrated the navy’s commitment to educational development, peace, security and sustainable community relations.
Zipele urged the pupils to remain disciplined, focused and committed to their studies while embracing patriotism, integrity and hard work.
He thanked the Ebubu community for its continued support for the naval training command headquarters and the navy.
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