P&ID: UK court orders release of $200m Guarantee to Nigeria – Newstrends
Connect with us

Business

P&ID: UK court orders release of $200m Guarantee to Nigeria

Published

on

A London court has ordered the release of a $200m guarantee put in as security by Nigeria in the execution of the Process & Industrial Developments $10bn Arbitral Claim.

The Central Bank of Nigeria made this known on Tuesday.

The apex bank said, “Nigeria’s Foreign Exchange Reserves was this morning boosted by over $200m when the London Commercial Court ordered the released of the $200n guarantee put in place as security in respect of the execution of the much discredited P&ID $10bn Arbitral Claim.

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

Speaking on the development, the Governor of the Central Bank of Nigeria, Godwin Emefiele, said, “Due to the substantial evidence of prima facie fraud established before the Court, we are pleased that the Judge has agreed to release the guarantee.

“We are also pleased that the Court has rejected P&ID’s application to increase the guarantee, which was clearly intended to be a diversionary tactic and entirely misconceived. This release which is an accretion into the reserves will further enhance the nation’s management of the exchange rate of its domestic currency, the naira.
“This is a further and significant victory for Nigeria in our ongoing fight to overturn the US$10bn award procured through fraud and corruption by P&ID and former government officials.

“P&ID and its backers, Lismore Capital and VR Advisory, are increasingly seeing their case slip between their fingers. They continue to resort to employing delay tactics, disseminating misleading claims, and taking every step to obstruct our investigations across multiple jurisdictions.

“The Federal Republic of Nigeria will not rest until we secure justice for the people of Nigeria – no matter how long it takes. Investigations are ongoing, and we are confident that more of the truth will be revealed over the coming months.”

P&ID entered a contract with Nigeria to build a gas processing plant, and won a $6.6bn arbitration award after the 2010 deal failed.

The award had been accruing interest since 2013 amounting to $10bn, which if enforced internationally, could lead to the freezing of Nigeria’s assets.

Business

Tinubu orders creation of single-digit tax system

Published

on

Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

Continue Reading

Business

Naira gains further against dollar

Published

on

Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

READ ALSO:

The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

Continue Reading

Business

CBN jacks up interest rate amid soaring inflation

Published

on

CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

Continue Reading

Trending

Skip to content