P&ID $9b Dispute: FG Would Not Relinquish Any Assets – Ministers

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Muhammadu Buhari

Nigeria will not relinquish assets to a firm registered in the British Virgin Islands following a court ruling related to a $9 billion gas project dispute, the West African country’s information minister said on Tuesday.

Earlier this month a judge in London granted Process and Industrial Developments Ltd (P&ID) the right to attempt to seize some $9 billion in assets from the Nigerian government over an aborted gas project.

The $9 billion sum would be one of the largest financial penalties imposed on Nigeria, representing 20% of the currency reserves of Africa’s largest economy and top oil producer.

Information Minister Lai Mohammed – addressing journalists alongside the finance minister, attorney general and central bank governor in the capital, Abuja – said it would not relinquish any assets.

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