Amidst the controversial award of $9.6b to process and Industrial Development by a British Commercial Court, Nigeria may soon be caught again in the web of another failed transaction with a Nigerian-American Consortium, the BF1 Group, to the tune of about $20bn.
The Chief Co-coordinator, South South of the Institute of Chartered Economist of Nigeria, Mr. Friday Nathaniel Udoh on behalf of BFI said: “If BF1 Group fails to recover Alscon, for which they were declared rightful owners by the National Council for Privatisation in 2004, and affirmed by the Supreme Court of Nigeria in July 2012, they will re-introduce the claim of $2.8bn initiated in 2013 in New York against Rusal, for which the Federal Government guaranteed to pay the cost for Rusal.
“The matter was transferred to Nigeria for reasons of jurisdiction. UC Rusal pleaded to join the Federal Government in the matter and succeeded, despite vigorous objections by BF1 Group. The Court allowed their petition, based on the fact that the share purchase agreement provided for the Federal Government to indemnify Rusal in case of action, should the BF1 group fail to enforce the Supreme Court decision.
“As at last count, there are two Supreme Court judgments, and several other Appeal and High court judgments all in favour of BFI. The BPE’s continued snub of these judgments and consequential order only increases the amount of dollars Federal Government will pay, should the arbitration resume in US court.”
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