Thursday 19 September 2019

Irish firm owed $9bn by Nigeria calls for real talks

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David Chance

A firm founded by two Irishmen that won a $9bn (€8.2bn) suit against the Nigerian government has called for "good faith" talks over the issue and warned that if those do not occur, it would seize Nigerian assets to satisfy the debt.

The London High Court ruled last month that Process and Industrial Developments (P&ID) was entitled to receive payments plus interest for a natural gas refinery contract that it won in 2010 but which was later cancelled by the government of the West African state.

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"If the Nigerian government is serious about a willingness to negotiate then it must do so in good faith," the company said in a statement after the government said it was open to talks after twice losing in court judgements.

P&ID is a company backed by Brendan Cahill and Drimnagh's Michael 'Mick' Quinn, the one-time manager of Twink and friend of Albert Reynolds, who died in 2015.

"The coming days will tell if the Nigerian government is serious, or if this is simply another delaying tactic," P&ID said. "In the meantime, P&ID will continue its efforts to identify and seize Nigerian assets to satisfy the debt."

Irish Independent

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