LAGOS MARCH 11TH (NEWSRANGERS)-Allegations of six-figure bribes, shady middlemen and fabricated evidence featured in the $11 billion UK trial ending this week that could cost Nigeria a third of its foreign reserves. Africa’s biggest economy wants the UK High Court to strike down the massive arbitration award in favor of hedge fund-backed Process & Industrial…
LAGOS JANUARY 23RD (NEWSRANGERS)-Nigeria was the victim of “a campaign of bribery and deception” over a collapsed gas processing project, its lawyers told London’s High Court on Monday, as the country’s appeal against an $11 billion damages bill got underway. A London arbitration tribunal in 2017 awarded $6.6 billion in damages to Process & Industrial…
LAGOS OCTOBER 5TH (NEWSRANGERS)-The Process and Industrial Development Limited has said Nigeria’s fresh appeal moves will not stop it from commencing the seizure of the country’s assets. It said the Federal Government must meet the deadlines for the payment of $200m security deposit and £250,000 cost awarded by a London court on September 26. The…
LAGOS SEPTEMBER- (NEWSRANGERS) – Amid denials by officials of the Buhari administration of complicity in the botched gas supply contract that resulted in the recent $8.9billion arbitral award against Nigeria by a UK court, the founder of the company at the centre of the controversy, Michael Quinn, on Saturday named key Nigerian government officials who…
LAGOS AUGUST 31ST (NEWSRANGERS)-British judge has said he will grant a firm called Process and Industrial Developments Ltd (P&ID) the right to attempt to seize some $9 billion in assets from the Nigerian government over an aborted gas project. The company was awarded $6.6 billion in an arbitration decision over the failed 2010 project to…
