Business
Breaking: Nigeria wins $11bn P&ID case in UK court

The Federal Government of Nigeria has won the legal case against Process & Industrial Developments (P&ID) Limited in a London court on Monday.
The judgment was delivered after five years of legal frameworks which have finally been to the advantage of Nigeria, as the court quashed the $11 billion arbitration award in favour of P&ID.
In a ruling delivered by e-mail, Robin Knowles, the Justice of the Commercial Courts of England and Wales, upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud.
The Business and Property Court in London delivered the judgment in a case between the Federal Government of Nigeria and Process & Industrial Developments (P&ID) Limited.
This ruling came after the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, urged the bid winners for the Nigerian Gas Flare Commercialisation Programme (NGFCP), to hasten site development.
Meanwhile, the federal government, alongside its partners has begun the deployment of tiny tankers for the transportation of crude oil through the creeks of the Niger Delta, following a protracted inability to fix the often-vandalised pipelines in the region.
P&ID had agreed with Nigeria in 2010 to build a gas processing plant in Calabar, Cross River State, but the company said the contract failed because the Nigerian government did not fulfill its end of the bargain.
Claiming Nigeria breached the terms of the contract, P&ID took a legal recourse and secured an arbitral award against the country.
On January 31, 2017, a tribunal ruled that Nigeria should pay P&ID $6.6 billion as damages, as well as pre-and post-judgment interest at seven per cent.
Following the judgment, Nigeria applied for an extension of time and relief from sanctions.
The application was granted by Ross Cranston, a judge of the Business and Property Courts of England and Wales, in September 2020, thereby returning the case to arbitration.
Nigeria had alleged that the gas deal was a scam conceived to defraud the country.
Lawyers representing the federal government told the court that P&ID officials paid bribes to secure the contract.
But P&ID denied the allegation and accused the Nigerian government of “false allegations and wild conspiracy theories”.
In a March trial at the court, Nigeria alleged that the contract was secured through dishonest means that included bribery and perjury and that the arbitration award, which has now risen to $11 billion because of interests, should be quashed.
Business
Lagos Attracts $200m Investment from Abu Dhabi -Ambrose-Medebem
The investment is also aimed at boosting ICT innovation and healthcare facilities.

Lagos State Government said it has attracted over $200 million in partnership deal with the Abu Dhabi Ports aimed at developing critical infrastructure and logistics within the Lekki corridor.
The investment is also aimed at boosting ICT innovation and healthcare facilities.
The State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, said this during the ongoing ministerial press briefing to mark the 2nd year in office of the second term of the State Governor, Mr Babajide Sanwo-Olu at Alausa, Ikeja.
The State government recently held a roundtable investment forum as part of measures to boost its economy.
The Commissioner revealed that, “As a result of the Lagos Investment Roundtable, numerous Expressions of Interest from local and foreign investors are under active discussion.”
Business
Nigeria First Policy: Customs Championing Made-in-Nigeria Vehicles Procurements
In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”

The Comptroller-General of Customs (CGC), Adewale Adeniyi has assured members of the Nigeria Automotive Manufacturers Association (NAMA) that the Service would champion the procurements of locally assembled vehicles from the auto manufacturers inline with the government’s Nigeria First Policy Directive.
CGC Adeniyi gave the assurance when he inspected vehicles produced by members of the Nigeria Automotive Manufacturers Association (NAMA) at the Service’s headquarters, Maitama, Abuja.
After the inspection, the CGC commended the association for turning up in full strength and expressed satisfaction with the quality of the vehicles.
He remarked, “In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”
“What gives me joy is that in all the vehicles I have seen today, there is an imprint of Nigeria, which shows that they are fully assembled here. It gives me joy that Mr President’s policy is on the right course,” he added.
He further praised President Bola Tinubu’s Renewed Hope Nigeria First policy initiative in the automobile industry.
He pledged that the Nigeria Customs Service would continue to patronise and support the sector for the growth and well-being of the nation’s industrial economy.
In response, Ilekuba Anslem Chairman, Chief Executive Officer of Cedric Masters Group, commended the CGC for his unwavering support for the automobile industry.
Also, Oluwatobi Ajayi, Chairman and Chief Executive Officer of Nord Automobile Limited, praised the CGC.
“Even before this policy was announced, you had been championing made-in-Nigeria vehicles.
With Mr President’s announcement, we are confident that you will be the first CEO of a government parastatal to fully champion this policy,” he said.
He assured the CGC that the company would not abandon its vehicles after sales.Similarly, Jonas Ojukwu, a Director at Innoson Vehicle Manufacturing Company Limited (IVM), assured the Nigeria Customs Service of the company’s commitment to delivering the best to the Service.
Other stakeholders who spoke at the event included representatives from Mikano Motors Nigeria and Stallion Motors Nigeria.
Business
Lagos Marks 39 Building in Lekki Axis for Demolition
Commissioner for the Environment and Water Resources, Tokunbo Wahab, explained that government swung into action following a series of petitions on encroachment of the Ikota River.

Lagos State government has marked no fewer than 39 buildings located in two highbrow estates for demolition for building on the Right of Way, RoW, of Ikota River, at Eti-Osa Local Government Area. Ikota is part of the Maroko Okun Alfa Ward in the Lekki axis.
This is coming as the state government issued indefinite quit notices to affected occupants to enable them move their properties and families before the demolition exercise commences.
The affected buildings, located at Oral Extension Estate, Westend and Megamound Estate, Eti-Osa, LGA, include 20 buildings to be totally removed, eight marked for partial removal, while 13 buildings are to go down at Westend Estate.
Commissioner for the Environment and Water Resources, Tokunbo Wahab, explained that government swung into action following a series of petitions on encroachment of the Ikota River.
Wahab said: “We had several complaints. We have been on this for a while now, and we found out at the ministry level that while we are engaging to find a win-win solution that will mitigate the negative impact on the environment and they don’t affect the people so much. Some developments were also going on to further push back the RoW, and the alignment of the Ikota River.
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