An Irish company yesterday vowed its readiness to begin the process of seizing $9.6 billion (N2.946 trillion) of Nigeria’s assets. This followed Friday’s decision of the English Commercial Court to permit the enforcement of a 2016 arbitration award against Nigeria.
Justice Butcher had on Friday insisted on Process & Industrial Developments Limited’s (P&ID) right to enforce the pre-award interest, a decision Nigeria’s apex financial institution, the Central Bank of Nigeria (CBN), said it would appeal.
Implementing the British Court’s decision will cost Nigeria more than 20 per cent of its $43.9 billion in foreign reserves. The Irish firm in an email to The Guardian on Monday night said it was pleased that the court had rejected Nigeria’s objections both to the arbitration process and the amount of the award and was set to begin the enforcement in the United Kingdom, which would entail an execution of its right to seize $9.6 billion in Nigerian assets. Read more
