$9.6bn arbitration fine:P&ID initiates moves to seize Nigeria’s assets abroad

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The Irish firm, Process and Industrial Developments Ltd (P&ID) which won a 9.6 billion dollar arbitration fine against Nigeria has instructed its lawyers to identify government assets that can be seized, to recover the money.

The money was awarded to Process and Industrial Developments Ltd (P and ID), a firm which had a contract to build a gas facility for Nigeria.

P&ID says Nigeria reneged on the agreement.

The case has been on since 2010.

The legal representatives of the firm said it has not ruled out the possibility of alternative resolution of the fine, which has the potential of wiping out 20% of the country’s foreign reserves.

It says the onus is on the Nigerian government to show good faith and enter into reasonable negotiations.

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