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UK Court Orders Release of $200M Guarantee to Nigeria

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UK Court Orders Release of 200M Guarantee to Nigeria

A Commercial Court in London, UK has ordered the release of a $200 million guarantee to the Nigerian government put in place as security in respect to the Process and Industrial Development Limited {P&ID} $10 billion Arbitral Claim.

This was disclosed in a statement by the Central Bank of Nigeria on Tuesday.

The Court noted that Nigeria had established a strong Prima case that the contract was procured by bribes paid to insiders as part of a larger scheme to defraud Nigeria.

It said that there was also a strong case that the P&ID’s main witness in the arbitration, gave fabricated evidence to the tribunal, and contrary to the evidence, P&ID was not in the position to perform that contract.

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“Nigeria’s Foreign Exchange Reserves was this morning boosted by over $200Million when the UK Commercial Court ordered the release of the $200million guarantee put in place as security in respect of the execution of the much discredited P&ID $10 Billion Arbitral Claim.

“The court also awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m.” the CBN stated.

Recall that, On January 31, 2017, an arbitration tribunal had ruled that Nigeria should pay P&ID, the sum of $6.6 billion as damages and breach of contract after a 2010 deal for a gas project in the Niger Delta collapsed.

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COVID-19

BREAKING: CAF President Tests Positive for COVID-19

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The President of the Confederation of African Football, CAF, Ahmad Ahmad, has tested positive for COVID-19.

This was contained in a statement on the website of the continental football governing body on Friday.

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The statement read, “The president after his arrival to Cairo on Oct. 28, presented mild flu symptoms and submitted to the COVID-19 protocol.

“Today, the test results are positive and the president immediately self-isolate for at least the next 14 days at his hotel.

“All those who have come into contact with Ahmad over the past seven days, especially during his trip to Morocco for the CAF Confederation Cup, have been informed and requested to take the necessary measures.”

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Finance

LCCI Announce New Date For Lagos International Trade Fair

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Lagos Chamber of Commerce and Industry (LCCI), a leading voice in the organized private sector (OPS) in Nigeria, has postponed the 2020 edition of the Lagos International Trade Fair.

The trade fair earlier scheduled to hold from November 6-15, 2020 has been rescheduled to hold from December 4-13, 2020.

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According to the Chamber, the trade fair, which will feature both physical (In-person) and virtual (Online) platforms, will run for a total of ten days at the Tafawa Balewa Stadium (TBS).

The Director General of the Chamber, Dr. Muda Yusuf, explained that the postponement is occasioned by the economic disruptions brought about by the COVID-19 pandemic and the recent EndSARS protests across the nation.

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Naija News

FG to Commence Distribution of Free Metres

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free metres

The National Mass Metering Programme (NMMP) will on Friday, October 30, 2020 commence distribution of free electricity meters to Nigerians with simultaneous launch events of the scheme in Kano, Kaduna, Eko and Ikeja DISCO franchise area.

According to media reports locations to receive meters include Bawo Road and environs in Kano metropolis (KEDCO), Governor Road/Tudun Wada in Kaduna (Kaduna Electric), Oshodi Business Unit in Ikeja (Ikeja Electric), and Yaba and Surulere (Eko DISCO).

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Key stakeholders to monitor the launch of the distribution include Kaduna, Kano and Lagos government representatives, the Senate Committee and House Chair on Power as well as representatives of Organised Labour and Civil Society Organisations.

The NMMP is to roll out 6 million free meters for all connections points on grid without meters over the next 18 to 24 months, estimating to impact 30 million consumers nationwide.

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COVID-19 PREVENTION

infectious diseases in your community. It is very important to wash your hand frequently with soap under running water.

COVID-19 IS REAL

#COVID19NIGERIA Situation Report

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

GALLANT OFFICER

Gallant Officer
"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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