Connect with us

News

Nigeria loses in British court, to forfeit N3.2 trillion assets

Published

on

The Nigerian government will be forfeiting N3.2 trillion ($9 billion) in assets to a company Process & Industrial Development Limited (P&ID), over its failure to honor a contract.

Justice Butcher of The High Court of Justice, Business and Property Courts of England and Wales ruled on the case on Friday August 16, 2 years after the Nigerian government objected to an arbitration that ordered payment of $6.6 billion as damages to the company. The money increased it to $9 billion (approximately N3.24 trillion) in accumulated interest in 2019, Premium Times reported.

P&ID have already signified its intention to target Nigerian assets in order to satisfy the judgement. It sued the Nigerian government and secured the monetary award after arbitration by a three-member panel including Nigeria’s former attorney-general, Bayo Ojo.

The company’s lead counsel, Andrew Stafford said in a statement;

“We are pleased that the Court has rejected Nigeria’s objections both to the arbitration process and to the amount of the award and that it will grant permission to P&ID to begin enforcement of the award in the United Kingdom. The Court has ruled decisively in P&ID’s favour and has comprehensively rejected Nigeria’s efforts to avoid payment of this award of over $9.6 Billion. P&ID is committed to vigorously enforcing its rights, and we intend to begin the process of seizing Nigerian assets in order to satisfy this award as soon as possible.
“Process and Industrial Developments Limited (P&ID) is an engineering and project management company founded and led by Brendan Cahill and the late Michael Quinn, who had over 30 years’ experience of project management and execution in Nigeria.

“P&ID and Nigeria entered into a 20-year Agreement – known as the Gas Supply and Processing Agreement (GSPA) – to refine natural gas for Nigeria’s electricity grid. The GSPA would have been very profitable for both P&ID and Nigeria. The GSPA failed when the government did not uphold its commitments. In August 2012, after several attempts over two and a half years by P&ID to salvage the agreement, including offers to renegotiate the deal, the company initiated arbitration proceedings. The tribunal was organised in London under the rules of the Nigerian Arbitration and Conciliation Act as part of the original contractual agreement between parties. In January 2017, the tribunal ruled that Nigeria was liable for $6.6 billion in damages, which by now has increased to well over $9 billion with interest accruing daily.”

News

IGP directs police officers to wear black bands in honour of Taoreed Lagbaja

Published

on

By

Kayode Egbetokun, the inspector-general of police, has directed officers to wear black bands in honour of Taoreed Lagbaja, the late chief of army staff (COAS).

In a statement signed by Muyiwa Adejobi, the force spokesperson, Egbetokun ordered personnel to wear the bands during the seven-day mourning period.

“This directive is to pay tribute and honour the late General who has shown gallantry, dedication, and passion for fighting violent crimes and insurgency in Nigeria,” the statement reads.

“He was a great leader who deserves to be honoured by all means.”

On Wednesday, President Bola Tinubu ordered that national flags be flown at half-mast in honour of Lagbaja.

Lagbaja died on Tuesday after battling an undisclosed ailment. He was 56-years-old.

He was appointed COAS by Tinubu on June 19, 2023.

Lagbaja enrolled into the Nigerian Defence Academy in 1987.

In September 1992, he was commissioned as a second lieutenant in the Nigerian Infantry Corps as a member of the 39th regular course.

He served as a platoon commander in the 93 Battalion and the 72 Special Forces Battalion.

Lagbaja also participated in various internal security operations, including operation ZAKI in Benue, Lafiya Dole in Borno, Udoka in south-east, and forest sanity in Kaduna and Niger.

The president has appointed Olufemi Oluyede as acting COAS.

Continue Reading

News

LASEPA seals off churches, hotels over noise pollution

Published

on

By

The Lagos State Environmental Protection Agency (LASEPA) has sealed off some establishments over alleged noise pollution.

The facilities sealed include churches, lounges, nightclubs, bars, and hotels in the Lagos metropolis.

In a statement on Wednesday, Babatunde Ajayi, the general manager of LASEPA, said the move was in line with the agency’s efforts to uphold environmental standards and safeguard public health.

“In a bid to address noise pollution and other environmental violations, LASEPA took action, closing down several establishments across different parts of the state,” Ajayi said.

He noted that the establishments were found guilty of breaching environmental regulations despite multiple warnings from LASEPA.

He reiterated the agency’s zero-tolerance policy on regulatory non-compliance, saying “we will not permit disregard for our regulations”.

Ajayi said the enforcement drive focused on areas like Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota.

He added that the sealed outfits include Honourable Lounge & Lodging, Redeemed Christian Church of God, Celestial Church of God, OMA Night Club and Lounge, and Bridge Spot Bar.

Others are Okiki Event Centre and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.

The LASEPA boss urged all businesses to recognise their environmental obligations and work alongside the state government to foster a cleaner and more sustainable Lagos.

Continue Reading

News

Tinubu approves establishment of Teaching Hospital in Ondo

Published

on

By

The Federal Government has approved the establishment of a teaching hospital in Akure, Ondo State, to support the training of medical students at the Federal University of Technology Akure (FUTA).

President Bola Tinubu has directed the Minister of Health and Social Welfare, Prof. Mohammad Pate, to initiate the necessary arrangements for the establishment of the teaching hospital. Prof. Pate has since dispatched a team to Ondo State to assess the location.

Leading the team, Dr. Jimoh Olawole Salaudeen, Director of Hospital Services at the Federal Ministry of Health, inspected FUTA’s permanent site, designated for the hospital. Salaudeen also visited the Akure Annex of the University of Medical Sciences Teaching Hospital (UNIMEDTH), which will serve as a temporary site for the teaching hospital.

Speaking with reporters after the inspection, Dr. Salaudeen expressed optimism about the hospital’s potential to become operational soon, citing available facilities. “President Tinubu directed that Akure should have a federal teaching hospital,” Salaudeen stated. “We are here to coordinate with the state government and review the site options for establishing the teaching hospital.”

Salaudeen highlighted the urgency of the project, noting that FUTA has begun training medical students, who are now in their third year. “The state government has provided a temporary site, and we are pleased with the infrastructure at the permanent site, including an auditorium, health center, and classrooms,” he said.

He added, “Our goal is to identify equipment needs at the temporary site to create a model federal tertiary hospital that supports student training. The enthusiastic support from the community is encouraging and will facilitate a peaceful learning environment.”

Ondo State’s Commissioner for Health, Dr. Banji Ajaka, affirmed the state government’s commitment to supporting the project, ensuring it aligns with the president’s vision. “We have drafted an MOU and laid groundwork for the medical students to complete their training on schedule,” Ajaka said.

FUTA’s Vice Chancellor, Prof. Adenike Oladiji, expressed relief, saying, “We’ve been concerned about where our medical students would complete their clinical studies. I’m thrilled that the federal government has stepped in to provide a solution.”

Prof. Oladiji also highlighted FUTA’s biomedical engineering department, which aims to contribute to the school of health sciences by producing essential medical equipment. “This initiative aligns perfectly with our commitment to training future health professionals and engineers who can innovate and support the healthcare sector,” she added.

Continue Reading

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

Most Read...