A London court on Friday (August 16th) ruled that a request to seize a company against Nigeria was legitimate after a gas project was abandoned.
The case began in 2010, when Process and Industrial Developments Ltd (P-ID), a company based in the tax haven of the British Virgin Islands, signed an agreement with Nigeria to build a gas processing plant in Calabar, a coastal town close to the Cameroonian border.
In particular, the agreement provided for the Nigerian authorities to supply gas to P-ID. But the latter did not fulfill their commitments and the company, whose project had to be abandoned, filed a complaint with an arbitration tribunal. In 2013, he ordered Abuja to pay the company $6.6 billion (5.9 billion euros). That is, an estimate of what she would have earned during the 20 years of the agreement.
Nigeria then attempted to overturn the judgment by assuring that it was not subject to
international arbitration, and considered that it was up to the British courts to rule.
CENTER FOR AFRICAN STUDIES
Center for Africa Studies (AFRAM) which located in Ankara, is an organization facilitating under the administration of African Affairs Council (AFAC). It makes various researches about Africa to enhance economic and cultural bounds between Africa and Turkey. AFRAM’s publishings has been shared with different institutions as they require to obtain.
Africa Observatory is one the publishing of AFRAM and it has been published each two weeks. It has been delivered to different institutions via e-mail.