British firm to seize Nigerian asset worth $9.6B

Some of Nigeria’s asset may be seized by an Irish firm in a bid to recover its money, having won a world record $9.6bn arbitration fine against the Federal Government.

It was gathered that the firm would focus on identifying Nigeria’s assets that could be seized in the process of enforcing the decision of an arbitration tribunal which was recently converted to a court judgment.

The company hinted at the possibility of seizing Nigerian naval vessels or oil cargoes, citing the Argentinean and Venezuelan experiences as precedents.

However, not ruling out other options of resolution, the company noted that the on us lies with the Buhari led administration to enter reasonable negotiations.

It stated, “The real question is: is the Nigerian Government willing to enter good-faith negotiations? The ball is now in the court of the Buhari Administration to demonstrate a mature, good-faith approach to a resolution; their legal arguments have been completely rejected.

“In the meantime, the P&ID will look to seize Nigeria’s assets in the UK to enforce the award as soon as possible. The company’s current focus is vigorously enforcing the award.

“The onus is on the Nigerian government and the Buhari Administration to demonstrate a mature, good-faith approach to a resolution.”

The Irish firm accused the administration of engaging in a smear campaign instead of addressing the issues.

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