As Nigeria puts together an appeal against the $9 billion judgement debt in favour of Process and Industrial Development Limited , by the United Kingdom Commercial Court, the country is still haunted by other contractual judgements debts against it by local and foreign courts.
Nigeria’s Attorney-General and Minister of Justice, Abubakar Malami, said the ruling was “clearly unreasonable and manifestly excessive and exorbitant.” The government denied the allegations and filed a counterclaim asking the arbitration court to order Continental to pay it $34 million for failure to deliver equipment and perform services.On August 14, 2008, the arbiters awarded Continental approximately USD $252 million in damages, USD $247,500 in costs, and USD $238,007 for the cost of arbitration.
Pointing at several payments to U.S. entities for items such as aircraft and military equipment, legal and consulting services, and tuition payments on behalf of the Nigerian government, Continental argued that “Using those funds in the account to pay Nigeria’s commercial bills, without any apparent discretion, cannot qualify as a ‘central banking activity,”
Interstella prayed the court to order NITEL to pay it N1.9 billion yearly, as revenue, as well as $150,000.00, being the cost of medical treatment of its chief executive officer and another $2.4 million per month, being the monthly revenue it would have accrued from its investment in the fiber-optic network.
Interstella headed back to court to compel the federal government to honour the out-of-court settlement. “It is reprehensible to agree to pay twelve billion naira judgement sum, proceed to pay 30% of it then refused to make further payments. Agreements entered into by the federal Government and that have been partly executed must be executed in full even if a new Government assumes office,” one of the Supreme Court judges wrote.
The ICC found no clear evidence that ENPH induced Nigeria to enter the contract, as alleged by the government. The court added that the contract contained no implied or express guarantees from Enron, which was not even a party nor has been named in any capacity in the contract. The court also ruled that the accounting fraud that led to the collapse of Enron in the US has not connection to ENPH or the contract signed with the Lagos State government.
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