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Business News

$9.6 billion judgement: FG pays P&ID £250,000 as running cost

Process and Industrial Developments Limited (P&ID) has been paid the sum of £250,000 by the Nigerian Government as running cost.

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P&ID, UK

Process and Industrial Developments Limited (P&ID) has been paid the sum of £250,000 by the Nigerian Government as running cost.

The money was paid to P&ID on the order of Justice Christopher Butcher of the Commercial Court in London.

The Details: Recall that the Judge granted Nigeria a right to appeal the $9.6 billion judgement awarded in favour of P&ID over an alleged breach of a gas supply contract tagged Gas Supply Processing Agreement.

Nigeria was asked to pay £250,000 as running cost to P&ID within 14 days for the appeal to be granted.

The 14 days ultimatum ended today and Nigeria was able to meet it. The money was paid through the Central Bank of Nigeria.

Confirming the series of events, Attorney-General of the Federation, Abubakar Malami stated that the money was paid out of respect for the court.

[READ MORE: P&ID: Emefiele, Malami, others lead Government delegation to U.K over $9.6billion judgement]

$9bn, P&ID, $9.6 billion award: UK Court grants Nigeria stay of execution, requests $200 million payment 

However, it was gathered that Nigeria also appealed against the same court order that demanded $200 million security payment be made into its account within 60 days as a condition for a stay of execution of the $9.6 billion judgment earlier given in favour of P&ID.

Running cost paid out of respect: Giving further details on the Government’s moves, Malami said the government appealed the order to pay $200 million into the court’s account and applied for a stay of execution. It also paid P&ID the £250,000 out of respect for the court.

The $200 million security payment has not been paid. We have appealed against the order and we have also applied for a stay of execution of the order,” the Minister said.

Reacting to the development, Minister of Information and Culture, Lai Mohammed said lawyers had been directed to seek the leave of the Court of Appeal to appeal against the ruling of Justice Butcher.

Apart from the security deposit of $200 million, Mohammed said the government would seek a refund of the £250,000 running cost after the appeal succeeds. He also noted that the government’s delegation to London to appeal the judgement was successful.

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Please note that Nigeria will be able to demand a refund of the £250,000 to P&ID when the government wins the appeal. This fact is being hidden by those who have been spinning the London judgment in their own favour.

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On the $200 million payment as a condition for the granting of the stay of execution, Nigeria has instructed its lawyers to seek the leave of the Court of Appeal to appeal against that payment.

Nigerians should be assured that the Federal Government is taking all necessary steps to strongly avail itself of all defences customarily afforded to sovereign states under the United Kingdom Sovereign Immunity Act to fight and upturn any enforcement of the award,” Mohammed said.

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[READ MORE: UPDATED: P&ID representatives plead guilty to fraud and tax evasion charges]

The Backstory: As earlier reported by Nairametrics in recent articles, P&ID was awarded $6.6 billion in an arbitration decision over a failed project to build a gas processing plant in the Southern Nigerian city of Calabar. With the accumulated interest payments, the sum now tops $9 billion, which amounts to 20% of Nigeria’s foreign reserves.

The firm had initiated moves to identify the Nigerian assets that could be seized, and it might include the country’s oil cargoes.

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Tech News

Spotify podcast listeners set to surpass Apple podcast for the first time in 2021

Spotify’s investments have empowered podcast creators and advertisers through its proprietary hosting, creation, and monetization tools.

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The number of Spotify’s podcast listeners will surpass Apple’s listeners this year. According to a report by eMarketer, 28.2 million U.S. users will listen to podcasts on Spotify at least monthly, compared with 28.0 million via Apple Podcasts. This shift will come on the heels of the expected 41.3% in 2021.

Apple was the de facto destination for podcasts for a long time, but in recent years, it has not kept up with Spotify’s pace of investment and innovation in podcast content and technology.

By putting podcasts and music in one app, Spotify became the convenient one-stop-shop for everything digital audio. Unlike Apple that has a different app for podcasts instead of offering a well-integrated experience with music and podcasts in one app.

This shift made more people stick to Spotify for the sheer experience of streaming music and also listening to a podcast on the same platform. Other music streaming services like Amazon, Pandora, etc. also have the seamless experience of enjoying podcasts and music on the same App.

According to the report, Spotify’s investments have empowered podcast creators and advertisers through its proprietary hosting, creation, and monetization tools.

Overall, there will be 117.8 million overall monthly podcast listeners in 2021, a 10.1% year-over-year (YoY) increase. This year, podcast listeners will represent 53.9% of monthly digital audio listeners, surpassing 50% for the first time.

We anticipate that more audio listeners will start listening to podcasts monthly, leading to a 60.9% share by 2024.

This year, $1.28 billion will be spent on podcast advertising, surpassing $1 billion for the first time, representing a 41.0% YoY increase. Podcast advertising is continuing to gain a share of total digital audio ad spending, representing 24.0% in 2021.

What you should know

  • Last week, Spotify announced that it will be expanding its service to 85 new markets including Nigeria.
  • This new expansion came with other upcoming features and products like the paid podcast subscriptions that will allow creators to publish paid podcast content aimed at their most dedicated fans.
  • Spotify is also partnering with WordPress to add a new integration to its platform similar to Clubhouse. This integration will make it easier for bloggers to turn their posts into podcasts, either by reading the blog posts themselves or leveraging third-party text-to-speech technology

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Coronavirus

Peter Obi urges FG to beg manufacturers, rich nations for COVID-19 vaccines

Obi urged the FG to consider appealing to rich nations, drug manufacturers for vaccines instead of spending billions of nairas to procure them.

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Katsina Abduction, Recession: Economy should be redirected from wasteful-consumption to productivity — Peter Obi

Former governor of Anambra State, Peter Obi has appealed to the Federal Government to take a second look at their stipulated Covid-19 budget and rather, consider begging drug manufacturers and rich nations for the vaccines.

The former Vice Presidential candidate while speaking in an interview on Channels Television, lamented on what he felt was an over-the-top and ludicrous budget for the Covid-19 vaccines and advised that the FG should instead, appeal to manufacturers for the vaccine.

Obi, speaking on the FG Procurement Budget for the Covid-19 vaccine explained that it makes little sense for Nigeria to apportion 80% of its health budget for the procurement of Covid-19 only. He also stated that sufficient Covid-19 vaccine for the country can be purchased for a price way below the figure being put forward by the FG.

They said they need N400bn. Our Budget for health this year is N547bn and you are saying that you need 80% of that for vaccine procurement. Assuming that’s what we are going to use the money for. I have checked the vaccine we need to have 70% which WHO has stipulated that if they receive it is okay. The quantity we need cannot cost us more than N150bn. It might be less because there are people who are willing to give vaccines for free,” Obi said.

Mr. Obi took it a step further by advising the FG on how to go about the quest to get Covid-19 vaccines at a much cheaper rate. He believes the country should own up to its poor status and demand for help unashamedly. This, he said, will reduce the amount the FG will pay for the Covid-19 vaccines.

Why don’t we beg manufacturers to donate, saying to them that we don’t have anything. We can go kneel and beg them saying please give us the vaccines. We are from a poor country. Give us a discount. There is nothing wrong with saying that you are poor. It is not a crime. Because you are poor,” Obi added.

Since pharmaceutical companies and drug manufacturers began discovering and manufacturing vaccines against the novel Covid-19, there have been concerns that the poorer nations might be left far behind in the race to acquire the vaccines.

In case you missed it

  • Nigeria received its first batch of Covid 19 vaccines from India today. The first batch of Oxford AstraZeneca COVID-19 vaccines from India landed in the Nigerian capital Abuja on Tuesday.
  • About 3.94 million doses of the vaccines arrived at Nnamdi Azikiwe International Airport Abuja via an Emirates flight.

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