$6.5bn gas deal: FG denies payment of awards to UK firm

The Federal Government has denied social media reports that Nigeria’s assets in the United Kingdom (UK) will be seized if does not pay the $6.5 billion arbitral award against it to a British firm over a gas deal. The reports claimed that Nigeria’s UK assets would be seized if it failed to pay the judgment […]

The Federal Government has denied social media reports that Nigeria’s assets in the United Kingdom (UK) will be seized if does not pay the $6.5 billion arbitral award against it to a British firm over a gas deal.

The reports claimed that Nigeria’s UK assets would be seized if it failed to pay the judgment fine to Process Industrial Development Limited (P&ID) over a Gas Supply and Processing Agreement (GSPA) entered into in 2010 before February 15.

In a briefing on Wednesday, the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), said the Federal Government was vigorously defending its interests in the UK.

“It is entirely proper for Nigeria to raise and strongly assess all available and proper defences to the claims brought by P&ID,” Malami said.

“It must be highlighted in the light of the above that neither the US District Court nor the UK Commercial Court has granted P&ID any enforcement orders against FGN as the proceedings are still ongoing with the interests of the FGN being vigorously defended,” he said.

The AGF disclosed that although the P&ID commenced enforcement proceedings against the Federal Government at the UK Commercial Court while the matter was ongoing, when the case came up for hearing on Tuesday, May 21, it was further adjourned to June 14, 2019, at the instance of the court due to “judicial availability.”