Nigeria will do ‘whatever it takes’ to shield country from $9 bln claim

Nigeria’s government will do “whatever it takes” to protect its economy from a more than $9 billion arbitration claim over…

Nigeria’s government will do “whatever it takes” to protect its economy from a more than $9 billion arbitration claim over a failed gas project, policy makers said, but the government will not rule out a settlement with a firm registered in the British Virgin Islands. In August, 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 the gas project. The 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.

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