Africa Government Professional Services 

Lawyer wants AGF seek review of judgment debt against Nigeria

A lawyer and politician, Dr Kayode Ajulo, has urged the Attorney-General of the Federation, Abubakar Malami (SAN), to seek review of judgment debts against Nigeria. He gave the advice in a statement on Saturday in Abuja against the backdrop of the judgment of the High Court of England in the case of Nigeria versus P&ID. The court had held that the contract and all the processes leading to an award of $6 billion with interest against Nigeria was shrouded in forgery and fraud. Ajulo said that the review would promote…

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Africa Government 

British court gives Nigeria more time to fight $10bn payment to Irish company

Nigeria’s government was granted more time by a London judge to challenge an arbitration award worth around $10bn (€8.4bn), more than a quarter of the country’s foreign reserves. Judge Ross Cranston said in a yesterday’s judgment granting extra time that Nigeria had established a “strong prima facie case of fraud”. The ruling allows the West African nation to continue to seek to overturn the penalty on the grounds that Process & Industrial Developments Ltd obtained a gas-supply contract a decade ago and the favourable arbitration decision through fraud. Last year,…

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Africa Financial Services 

Magu: Pastor sues bank over N573 million claim

A Nigerian cleric, Emmanuel Omale, has filed a N5 billion suit against First City Monument Bank over the bank’s report to the Nigerian Financial Intelligence Unit of an alleged payment of N573 million into his account. Mr Omale is an associate of the suspended chairman of the Economic and Financial Crimes Commission, Ibrahim Magu. In a court document filed before the FCT High Court on Friday, by Mr Omale’s lawyer, Gordy Uche, accused the bank of negligently breaching the fiduciary duty of care in its banker-customer relationship with his client.…

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Oil and Gas 

Nigeria Expects $200m From The Netherlands, Switzerland- Malami

Nigeria is awaiting the return of $200 million from the Netherlands and Switzerland, as part of OPL 245 Malabu Oil, Minister of Justice Abubakar Malami has said. Mr Malami made this known while declaring open a capacity building workshop and interactive session with Judiciary Correspondents in Abuja on Tuesday. The Attorney-General, who gave a score card of the ministry in the past one year, said due to the anti corruption crusade of the present administration, we facilitated the recovery of $62 billion arrears from oil companies as part of federation…

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Africa Financial Services Government 

Nigeria, P&ID in fresh battle over use of bank records

Nigeria is currently secured a fresh legal fight with a controversial British Virgin Island engineering company, P&ID, over making use of bank records acquired by the Nigerian authorities. The fresh crisis is in relation to an alleged bribery plan and subsequent $9.6 billion arbitral claim which the Nigerian government seeks to reverse. Files obtained by PREMIUM TIMES showed the company requested a ‘pre-motion discovery conference’ with the court in its bid to stop the Nigerian federal government from using certain details acquired from banks in the United States. In May,…

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