In what may be the worst instantaneous blow to Nigeria economically and to any country in recent world history, Nigeria just potentially lost $9 billion United States Dollars to Irish firm, Process and Industrial Developments Ltd (P&ID) in a court ruling by a British court. See in Vanguard
Process and Industrial Developments Ltd has said that thanks to the ruling, they will rapidly seize Nigeria’s foreign reserves and assets which may include foreign properties like “Nigeria House” where a United Nations office and the Nigerian embassy in New York are located and other foreign properties.
How Did It Happen?
In summary Nigeria lost the case because Buhari and his attorney general Malami did not go to court.
While Buhari and Malami were focused on dragging Zakzaky in the mud and eliminating Shia Islam in Nigeria, they did not go to court to fight an almost decade-old case and allowed the Irish firm receive a full judgment.
Attorney Orji Uka explains:
“On 16 March 2017, P&ID Ltd filed the petition before the US Courts to confirm the Award. Believe or not, Nigeria FAILED to show up in court. As a result, the US Court entered default judgment against Nigeria. If you do not believe me, click this link.”
After Nigeria did not show up in London P&ID brought the case to British courts where again Nigeria’s illiterate rulers came to court too late. In his full twitter thread breakdown on the process of Nigeria’s loss, Attorney Uka again laments:
“Back to the F&ID Award, for which a whopping $9.9 Billion was now outstanding (with interest which continues to run at $1.3m per year). F&ID Ltd then brought proceedings in London to enforce the award. The processes were served on Nigeria, guess what our officials did?
“Under the English Rules, Nigeria had 2 MONTHS and 22 DAYS to file what it called acknowledgment of service. Nigeria had up to 15 August 2018 to file this. Nigeria did not file until 12 October 2018. I will quote verbatim et literatum why Nigeria delayed in filing it.”
“Although the claim form was passed from the Ministry of Foreign Affairs and received at the Ministry of Justice, it was simply IMMEDIATELY FILED and NOT PASSED UP THE CHAIN OF COMMAND. The relevant senior figures within the Ministry of Justice only became aware of the matter…— Señior_Uka (@OrjiUka) May 11, 2019
The Beginning: How Jonathan and Buhari Cost Nigeria Billions
The agreement with P&ID was signed on January 11, 2010 at a time when Michael Aondoakaa and others like him held Nigeria to ransom. This was before Goodluck Jonathan’s presidency.
The Jonathan government for some reason failed to honor the deal and this led to P&ID taking Nigeria to court.
GEJ didn’t become acting President until February 9, 2010 – almost 30 days later. Attorney Orji Uka explains:
“I don’t know whether the Govt played politics with this, but what we do know is that, and as highlighted in this excellent piece, the GEJ Govt reached a settlement with P&ID Ltd to pay $850 million ONLY out of Arbitration Award.”
In February of 2018 Nigeria passed the arbitration act. Which gives power to foreigners and makes the nation more inviting for foreign investment.
Likely due to the 2015 elections and not wanting such a scandal, Jonathan did not pay the arbitration settlement and handed over to Buhari. At this time all Buhari could have done was began paying and Nigeria would have been out of this mess, but he did not.
The Buhari administration with its infantile Attorney general focused on persecuting minorities and inviting indicted persons from home and exile into the rulership while allowing the case persist, enter default, and receive judgments for full garnishing with interest accrued.
“The GEJ Govt did not however pay the settlement sum and handed over to the PMB Govt. The Govt decided AGAINST proceeding with the settlement and instead instructed their lawyers to set aside the quantum Award. By this time the Award had risen to $9.9B ($6.6B + $2.3B interest).”
Attorney Uka’s full twitter thread is here.