Process and Industrial Developments Ltd (P&ID) has threatened to seize Nigeria’s assets in the United Kingdom, UK, to enforce the order of a British court against Nigeria.
The firms’ representative, Mr John Ehiguese revealed in a statement that they are ready to seize any Nigerian naval vessels or oil cargoes, as they are in search of any Nigeria’s Property worth 9$9.6bn to confiscate in order to recover their money.
According to the firm’s representative, “we cannot confirm specifics. However, the P&ID’s legal team is working diligently to identify and target assets that may be used for enforcement of the tribunal award, as there have been many successful enforcement cases against sovereign states in the past.”
Mr. John gave examples of the cases of what they did to two countries who once owed them, mentioning Argentina and Venezuela, whose naval vessel and state-owned oil cargo were seized respectively.
Recall that, the federal government has directed its Solicitor-General to appeal the ruling by Justice Butcher of the UK Commercial Court, that an Irish company P&ID can seize Nigeria’s assets worth $9 billion. Nigeria and the Irish company had been at legal battle over a failed gas supply agreement with the Nigerian government.”
However, the nation’s Solicitor-General Mr Dayo Apata (SAN), said the nations is going to appeal this most recent judgment and would seek a stay of execution.
In reacting, Mr John said, “the real question is: is the Nigerian Government willing to enter good-faith negotiations?
Adding that, the Nigerian government should demonstrate a mature, good-faith approach to a resolution.
However, the Irish firm accused the administration of engaging in a smear campaign instead of addressing the issues.
It said, “Instead of accepting responsibility or pursuing a negotiated settlement, the Buhari administration has regrettably chosen to continue its campaign of misinformation and misdirection, including wild allegations against the English judge and commencing a sham investigation.
“This approach is not constructive, and will not help to resolve the situation. The P&ID will begin enforcing its legal rights, including the seizure of Nigerian assets in the UK.”
Mr John further said that,“in the meantime, the P&ID will look to seize Nigeria’s assets in the UK to enforce the award as soon as possible. The company’s current focus is vigorously enforcing the award.
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