An Irish-owned firm, Process and Industrial Developments Ltd (P&ID) was today granted court permission to seize up to $9bn (£7.4bn) in assets belonging to the Nigerian government.
A British judge said that the firm can take 20 per cent of Nigeria’s foreign reserves, a move that would deal a devastating blow to the Nigerian economy.
In 2010, the company struck a deal in which the Nigerian government would supply gas to a processing plant built and run by P&ID.
The government failed to fulfil its side of the agreement.
However, in 2013 P&ID won a $6.6bn arbitration case. The figure was calculated based on what the company was estimated to have earned over the course of the 20-year agreement.
But P&ID now says interest accrued means it is owed $9bn.
Today’s decision means that the arbitration has been converted into a legal judgement, allowing P&ID to attempt a seizure of the assets, according to a report by City A.M