Connect with us
nairametrics

Business News

$9bn fine: P&ID open to settlement as court order to seize Nigeria’s assets is awaited

The founder of Process and Industrial Development (P&ID), Brendan Cahill has disclosed that the company is open to settling its disagreement with the Federal Government amicably despite a court scheduled for next week.

Published

on

Fuel Subsidy

The founder of Process and Industrial Development (P&ID), Brendan Cahill, has disclosed that the company is open to amicably settling its disagreement with the Federal Government despite a court verdict scheduled for next week.

Cahil said P&ID is prepared to settle with the Government on a reasonable basis if the government is willing. He, however, stated that the Government has been proving difficult, the same reason the company opted for a court ruling seven years ago.

“P&ID remains open to a settlement on a reasonable basis, but we need a willing partner in government to help resolve this matter. The onus is on the Nigerian government to act in good faith if they wish to find a solution.”

The Backstory: P&ID‘s contract with the Federal Government started in 2010 when the then-President Umaru Musa Yar’Adua authorised partnerships with private companies to develop the nation’s energy infrastructure in order to fix the power problem in Nigeria. P&ID signed an agreement with the Ministry of Petroleum Resources in January 2010.

Genesis of disagreement: P&ID had filed a lawsuit against Nigeria in 2012 after all attempts to negotiate a deal with the Government failed. A tribunal was organised in London under the rules of the Nigerian Arbitration and Conciliation Act as part of the original contractual agreement between the parties.

Initial court order: The the tribunal ruled that Nigeria was liable for $6.6 billion in damages, which by now has increased to over $9 billion with interest (more than $1 million in interest accruing daily). The amount is equivalent to almost 2.5 percent of Nigeria’s annual gross domestic product.

GTBank 728 x 90

May court sitting: P&ID filed for approval from courts in the United States and the United Kingdom to enforce the award after the Government failed to obey the order by the tribunal. The company might end up seizing Nigerian assets in US and UK. The court sitting is slated for May 21, 2019.

Why Nigeria should worry: A hedge fund managed by VR Capital Group took a large stake (25%) in P&ID. With the backing of the hedge fund and Lismore Capital LtdP&ID hired lobbyists, lawyers, and a public-relations firm late last year to fight the case.

In a similar situation, creditors seized Argentina’s naval frigate while it was docked in Ghana.

Deal book 300 x 250
GTBank 728 x 90

Fraudulent agreement: Cahill denies that the agreement signed with the Federal Government in 2010 was fraudulent. He said the arbitrators in London spent five years carefully reviewing the written agreement and all the facts surrounding the deal, concluding unanimously that Nigeria was to blame for the deal’s collapse.

The deal was promising: The deal between the Nigerian government and P&ID was supposed to fix Nigeria’s electricity issue, powering millions of household, Cahill said in the interview. According to him, it would have helped Nigeria reach its full potential, but Nigeria didn’t uphold its side of the contract.

Breakdown of the deal: Nigeria planned to pipe natural gas from two offshore oil rigs to a refinery that would be built by P&ID. The company founded in 2006 by two Irishmen, Michael Quinn and Cahill, was to remove hydrocarbons from the gas and send the fuel to Nigerian power plants.

It was revealed that P&ID wouldn’t get paid for the endeavor, but it could keep and sell the hydrocarbon byproducts, which themselves had value, with the government getting a cut.

Jaiz bank ads

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business News

#EndSARS: Governor Uzodimma approves N2bn for youth empowerment after talks with protesters 

Governor Uzodinma has approved the immediate release of N2 billion for youth empowerment.

Published

on

Ogun, Imo States give free hand sanitizers

Governor Hope Uzodimma of Imo State has approved the immediate release of N2 billion for youth empowerment, following a fruitful meeting with a group of youths associated with the #EndSARS movement in the State. 

This disclosure was made by Governor Hope Uzodinma in his statement today, during his third state Broadcast to the people of Imo State, this week. 

The Governor in his statement said that his heart is gladdened that a vast majority of the youth heeded the clarion calls to call off the #EndSARS protests, having laid down their points unmistakably. 

However, he revealed that in line with his determination to address the needs of the youth and empower them, he has approved an immediate release of a take-off fund of N2 billion for the empowerment of youth in the state. 

GTBank 728 x 90

He reiterated that the task is not complete until every single youth is pulled off our streets and kept a safe distance away from the reach of some unscrupulous elements whose demonic desire is to unleash endless carnage in some parts of the state. 

What you should know 

Recall that the governor on the met with a group of youths embedded in the EndSARS protests. The group was made up of youth leaders from all parts of the country comprising leaders from the National Youth Council of Nigeria, Areewa, Ohanaeze, Afenifere, Hausa, Fulani, Middle belt and Niger Delta Youths 

GTBank 728 x 90

However, during his interface with the youth, he assured them of a dedicated empowerment package, as part of his administration’s determination to address the needs of the youths and quell their dissatisfaction. 

  • The N2 billion take-off fund will be deployed for the training of the first batch of the beneficiaries, which will commence next week. The N2billion take-off fund is to be taken from the N6 billion earmarked for the accelerated youth empowerment programme. 
  • The empowerment programme is under the Imo State Special Youth Empowerment and Intervention Programme (IMYEIP). The State’s Ministry of Skills Acquisition and Entrepreneurship is directly charged with its immediate implementation. 
  • The programme is to begin training of the 1st, 2nd & 3rd Batches of an estimated number of 500, 000 Imo youths in different skills acquisition programmes within the next two years, and provide them with start-up capital to begin their own enterprises. 
  •  The training time table will be rolled out on Tuesday, October 27th, 2020. 
  • The 5000 Imo Youths who have already been trained in different skills under the IMYEIP platform, are to be given their start-up capital very soon. 

Continue Reading

ENDSARS

Tinubu visits Sanwo-Olu, speaks on recent violence in the state, travelling out of the country

Tinubu has spoken up about some of the happenings that have led to the recent unrest in Lagos State.

Published

on

Tinubu denies advising Buhari to print new naira notes

The former Lagos State Governor and the National Leader of the ruling All Progressives Congress (APC), Bola Ahmed Tinubu, has reacted to the outbreak of violence during the #EndSARS protest which has led to the destruction and looting of public and private infrastructure in the state.

He lamented the invasion and wanton looting and burning of public and private assets in the state of late, including police stations.

This was made known by Tinubu during a courtesy visit to the Governor of Lagos State, Babajide Sanwo-Olu, on Saturday, October 24, 2020, at State House Marina, to commiserate with him on the recent violence in the state, sympathize with the victims through him and seek his permission to visit some of the victims.

While addressing journalists after the meeting with the governor, Tinubu said he asked him if he had ordered the attack on #EndSARS protesters by soldiers at the Lekki Tollgate on Tuesday.

He also said that he did not travel out of the country as reported by some sections of the media, who claimed that he had travelled to France and the UK.

GTBank 728 x 90

Tinubu said, “I didn’t go nowhere; I’m a Lagosian and I still hold the title of Asiwaju of Lagos and I am still a Jagaban. Fake news is all over the place. They say Seyi my son was kidnapped and was chased but look at him. I didn’t pay a penny to bring him here.

On the investigation and compensation for victims of violence, Tinubu said, “First, we have to segregate the calendar, those who suffered casualty before the protests from the hands of SARS. You have to separate that from those who suffered casualty due to what happened at the toll gate.

“For those who suffered casualty from SARS, the Commission of Inquiry that is already set up will unearth that and will make their recommendations. I trust the calibre and the character of the people there, they are independent. That is one.

GTBank 728 x 90

“Those who suffered casualty during the gunshots need to answer some questions too, how are they there? How long were they there? What kind of characters are they? Even though we want to help, we still must extract information that will help the government to prepare in future and understand how and when to react because the governor, in particular, is a youth.’’

Going further, he said, “As a youth himself, he (Sanwo-Olu) quickly went to Abuja with the 5/5. The government immediately put into action, dissolved the SARS and had to work through other recommended actions, the needs they demanded. Within a few days, he reported back to the public. That is responsive enough.

“But where are we getting the looting, the carnage, the burning, the invasion of police stations, stealing of arms, maiming of the innocent? It is a handshake beyond the elbow.

Tinubu has been under intense media attack over the shooting of unarmed protesters at the Lekki Tollgate on Tuesday. He was accused of being the mastermind of the incident because of his alleged interest in the tollgate which has been blocked for about 2 weeks, an allegation he has denied.

The hoodlums had burnt down some businesses allegedly linked to him in the course of the violence that erupted in Lagos. They include Oriental Hotel, Television Continental (TVC) and Nations newspaper.

Jaiz bank ads

Fidelity ads

 

Continue Reading

ENDSARS

#EndSARS: IGP orders immediate mobilisation of officers to restore normalcy

The IGP has directed officers to take control of the current unrest and breakdown of law and order in some parts of the country.

Published

on

IGP orders immediate withdrawal of police officers attached to VIPs

The Inspector-General of Police, Mohammed Adamu has ordered the immediate of all police operational assets and resources to bring an end to the unrest.

This was made known via the official Twitter handle of the Nigerian Police Force, @PoliceNG, in a statement titled, “RECLAIM THE PUBLIC SPACE AND RESTORE NORMALCY – IGP ORDERS AIGs, CPs, PMF, CTU & SPU COMMANDERS”.

According to the statement, the IGP has directed the officers to reclaim the public space from criminal elements masquerading as protesters in some parts of the country.

The IGP gave the order to all Assistant Inspectors General of Police (AIGs), Commissioners of Police (CPs), Heads of Police Operational Units, Squadron and Base Commanders in charge of Zonal/State/FCT Commands, the Police Mobile Force, Counter Terrorism Unit.

GTBank 728 x 90

The statement read in part, “The Inspector-General of Police, IGP M.A Adamu, NPM, mni has ordered the immediate mobilization of all police operational assets and resources to bring an end to the wanton violence, killings, looting and destruction of public and private property, and reclaim the public space from criminal elements masquerading as protesters in some parts of the country.

“In addition, CPs/Heads of Police Formations in the various states have also been charged to mobilize their men and work in sync with the Command CPs in the areas where they are domiciled, to dominate the public space and ensure peace and safety in the affected areas.

“The IGP, while noting that enough is enough to all acts of lawlessness, disruption of public peace and order and wanton violence which have resulted to indiscriminate looting of shops, malls and warehouses, damage to property and loss of lives in some parts of the country.”

GTBank 728 x 90

The IGP further enjoined law-abiding citizens not to panic but rather join forces with the police and other members of the law enforcement community to protect their communities from the criminal elements. He also called for “the understanding and cooperation of the citizens, assuring that the action is geared towards ensuring public order and safety and public security in our communities.”

What you should know

In the last few days, several parts of the country, especially Lagos, Cross River and Delta have witnessed a rise in civil unrest as hoodlums torched down Police stations, government properties and have also looted and destroyed several private businesses.

The recent unrests could be traced to the hijacking of peaceful protests organised by #EndSARS agitators who took to the streets of many Nigerian cities in the last two weeks to demand the dissolution of a notorious police unit, Special Anti-Robbery Squad, better known as SARS, who has been alleged to be involved in a countless number of harassment, extortion, abduction, armed robbery and murder of innocent citizens.

Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
Stallion ads
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement