August 16, 2019 / 12:28 PM / 2 months ago

UK judge to allow firm to try to seize $9 bln in Nigerian assets in gas disupte

LAGOS, Aug 16 (Reuters) - A judge in London said on Friday he would grant a firm called Process and Industrial Developments Ltd (P&ID) the right to seek to seize some $9 billion in assets from the Nigerian government over an aborted gas project.

The company was awarded $6.6 billion in an arbitration decision over a failed project to build a gas processing plant in Calabar. With interest payments, the sum now tops $9 billion - some 20% of Nigeria’s foreign reserves

The judge’s decision, issued on Friday, converts the arbitration award to a legal judgement, which would allow P&ID to try to seize international assets. (Reporting by Libby George; Editing by Mark Potter)

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