London Arbitration Tribunal fines Nigeria $8.9 billion over breach of contract
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London Arbitration Tribunal fines Nigeria $8.9 billion over breach of contract

As a result of contractual breach by Nigeria through three previous administrations of Olusegun Obasanjo, Umaru Yar'Adua and Goodluck Jonathan, a fine of $8.9 billion has been awarded against the country in favour of a British firm, Process and Industrial Developments Limited.

London Arbitration Tribunal ruled that $6.6 billion damages and $2.3 billion uncollected interest (calculated at $1.2 million a day) should be paid by Nigeria, TVC reports.

Legit.ng gathers that failure to pay the fine before February 15, Nigeria risks seizure of its assets in the United Kingdom as the British firm could enforce the award against the West African country.

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Report has it that there was a contractual obligations on gas supply and processing between Process and Industrial Developments Limited the federal ministry of petroleum resources.

Meanwhile, Legit.ng previously reported that a Federal High Court in Lagos on Tuesday, January 15, ordered final forfeiture of N2.24 billion recovered from a former chief of air staff, Air Marshal Adesola Amosu, to the federal government.

Justice Mojisola Olatoregun gave the order following an application by the Economic and Financial Crimes Commission (EFCC) on June 7, 2018.

The EFCC had said that the sum was reasonably suspected to be proceeds of an unlawful activity.

The judge also ordered final forfeiture of N190,828,978.15 recovered by EFCC from a former Nigeria Air Force (NAF) director of finance and budget, Air Commodore Olugbenga Gbadebo.

Olatoregun further ordered final forfeiture of N101 million recovered from Solomon Enterprises, a company linked to Amosu.

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The court had earlier granted an interim order of forfeiture of the sums. It directed the EFCC to publish the interim order in The Nation and Punch newspapers so that the respondents or anyone interested could show cause as to why the final order of forfeiture should not be made in favour of the federal government.

Amosu and an interested party, Air Vice Marshal Bolaji Adigun, had filed counter-application, arguing that the funds were proceeds of their personal businesses and not from illegal activities.

At the resumed hearing on Tuesday, January 15, Olatoregun dismissed the applications, saying that they failed to provide facts to ascertain if the funds were obtained unlawfully.

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Source: Legit.ng

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