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What P&ID case and $9.6bn judgment is all about

The legal battle involves the Ministry of Petroleum Resources and by extension the Federal Government of Nigeria and the United Kingdom firm known as Process and Industrial Development Limited, herein after referred to as the P&ID.

 A commercial court in the United Kingdom in the suit referred to has ruled that the Federal Government must pay the British firm, Process and Industrial Development Limited, a sum of $9.6bn or have its assets to the tune of that amount forfeited.

Then, in January 2010 the Ministry of Petroleum Resources, acting on behalf of the Federal Government of Nigeria executed a gas supply processing agreement with P&ID.

Nigeria was to supply zero cost natural gas to P&ID through a pipeline to be constructed by the Nigerian National Petroleum Corporation to P&ID Processing facility.
The terms of the TSPA had a tenor of 20 years, from the date of first supply of wet gas.

Really, the P&ID had an obligation to process the wet gas and deliver the derivative to the Federal Government free of charge for power generation while taking any other residual liquid itself at no cost.

Based on that fact the P&ID had to served a notice of arbitration on the Federal Government in 2012 on the grounds that Nigeria repudiated its obligation under the terms of the TSPA by defaulting to make wet gas available to it.”

Now, Nigeria is raising the alarm that the UK court’s decision converted the subsequent arbitrary award into a domestic judgement against the Federal Republic of Nigeria.

Nigeria’s assets around the world, particularly in the United Kingdom and the United States of America risked being taken over by P&ID orbits agents

Many are raising the alarm that damages awarded to thee P&ID are manifestly excessive, exorbitant, punitive and a big threat to the economic well-being and security of Nigeria.

Interestingly, the present party in power, APC is saying the issues arising from the default aforesaid as well as the consequential arbitration, court proceedings and the ensuing award against Nigeria were concealed from the Senate and the entire National Assembly, and Nigerians, by PDP government.

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