A London court has adjourned a legal dispute between the federal government of Nigeria and a British firm till Tuesday next week.
Nigeria stands to lose up to $9 billion worth of its foreign assets following an enforcement application to US and UK courts by Process and Industrial Development (P &ID), the British firm in a legal dispute with the federal government.
The next hearing on the case will come up in a London court on Tuesday, May 21, 2019.
Founder, Process and Industrial Development (P &ID), Mr. Brendan Cahill, said that the company looks forward to the UK and US courts granting enforcement rights that will allow P&ID to collect what rightfully belongs to the company. “If history is any guide – just look at how creditors seized Argentina’s naval frigate while docked in Ghana,’’ he said.
Cahill however indicated that the company was open to negotiations with the Nigerian government to settle the dispute out of court. He said: “P&ID remains open to a settlement on a reasonable basis, but we need a willing partner in government to help resolve this matter. The onus is on the Nigerian government to act in good faith to find a solution”.
Cahill said the company decided to go to court after several attempts at salvaging the deal were botched.
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