Connect with us

News

Contract breach judgment: Firm lists 33 Nigeria’s UK properties to be sold

Published

on

• We will pursue all remedies available – AGF

Sequel to the judgment given to Eurafic power Limited, against the Federal Government by a United Kingdom High Court, that some identifiable properties be confiscated and disposed, over alleged breach of contract entered into on the sale of Sapele Power Station, about 33 properties belonging to Nigeria in the UK have been identified and listed to be forfeited.

The development comes as Nigeria continues to battle another firm, P&ID, which is attempting to seize $9bn Nigerian assets.

In the fresh case with number CL-2017-000781 a UK High Court ordered the payment of $2.51m, £225, 949.19 and N57.9m (a combined N1.12bn based on the current Central Bank of Nigeria’s exchange rate).

According to documents made available to our correspondent, the legal tussle emanated from a contract entered into by the Federal Government and Eurafric Power Limited in February 2013.

The firm entered into a share sale agreement with the Bureau of Public Enterprise and the Federal Ministry of Finance, both acting on behalf of the Federal Government.

The deal involved the purchase of Sapele Power Plc, owners of Sapele Power Station at the cost of $201m. The purchase included material properties and core assets of the company which listed ‘site land’ as one of its properties.

Pursuant to the share sale agreement, the National Council on Privatisation issued Share Certificate 0001 to Eurafric Power Limited on February 10, 2014, approving the sale of the Federal Government’s equity in Sapele Power Plc.

A Certificate of Handover with No 0002 also showed the handover of Sapele Power Plc to Eurafric Power Limited. All assets, liabilities, employees, rights and obligations of the Power Holding Company of Nigeria were also handed to Sapele Power Plc, now owned by Eurafric Power Limited.

However, trouble started when, after the handover had been completed, the Federal Government and the Niger Delta Power Holding Company began arrangements to transfer a substantial portion of the premises already sold to Eurafric Power Limited to one Ogorode Power Generation Company.

The Federal Government insisted that the portion it transferred did not form part of the sold assets, this prompted the firm to subsequently commenced arbitration against the Federal Government in the UK in line with the agreement signed by the parties.

A tribunal was set up comprising a former Attorney General of Pakistan, Makhdoom Ali Khan as Chairman; with a retired Nigerian Supreme Court Judge, Justice Samson Uwaifo, and a former Attorney-General of the Federation, Chief Bayo Ojo (SAN) both named as co-arbitrators.

On September 28, 2017, the arbitral tribunal ruled in favour of Eurafric Power Limited. A UK High Court presided over by Justice Popple Well subsequently recognised the award as a court judgment.
A copy of the judgement dated January 15, 2018, reads in part, “The defendants are jointly and severally ordered and directed to pay to the claimant the following amounts: $2,500,000 as legal costs; £215,930.60, as an advance paid on costs and N57.9m, £10,018.50 and $11,158.33 as disbursements. All other claims and counter claims are dismissed.”

The court further stated that the defendants had 30 days to appeal after which the claimants would be free to enforce the judgment.

In a letter addressed to Attorney-General of the Federation, Abubakar Malami (SAN), titled, ‘Enforcement of the Arbitral Award Against the Federal Government of Nigeria- Matters Arising,’ Eurafric Power Limited called on the Federal Government to honour the court judgment and pay immediately.

In the letter dated October 23, 2019 which was signed by its lawyer, Godwin Obla (SAN), the firm stated that it had identified 33 of Nigeria’s properties in the UK which were not being used for diplomatic purposes, adding that it would liquidate some of the assets soon.

The letter reads in part, “In our view, the identification of the 33 properties by the foreign counsel may pose a significant risk to the interest of the Federal Government of Nigeria if or when the report is tendered before the UK court at which stage it becomes a public document and accessible to any member of the public.

“As it is now common knowledge, in the wake of the global publicity attracted by the P&ID case, Nigerian assets abroad now stand the increased risk of seizure/forfeiture for the liquidation of judgment debts. In our opinion, therefore, it will not augur well for potentially hostile interests to gain access to actionable information of the Federal Government of Nigeria’s assets in the UK such as are contained in the report of the foreign counsel.”

The spokesman for the AGF, Umar Gwandu, said the Office of the AGF would exploit remedies available at its disposal in addressing the case.

“The Office of the Attorney-General of the Federation will work within the context of the law in exploiting remedies available at our disposal,” Gwandu said.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Starship to leave for Mars at end of 2026 – Elon Musk

Published

on

Elon Musk has announced an ambitious timeline for SpaceX’s Mars mission, revealing that the company’s massive Starship rocket is set to depart for the Red Planet at the end of 2026. The mission will include Tesla’s humanoid robot, Optimus, as part of the spacecraft’s payload.

“If those landings go well, then human landings may start as soon as 2029, although 2031 is more likely,” Musk posted on his social media platform, X.

The Starship rocket—considered the world’s most powerful—is central to Musk’s long-term vision of colonizing Mars. However, significant technical hurdles remain before this dream becomes reality.

NASA is also counting on a modified version of Starship to serve as the lunar lander for its Artemis program, which aims to return astronauts to the Moon this decade. But before SpaceX can proceed with interplanetary travel, it must demonstrate that Starship is safe, reliable, and capable of complex in-orbit refueling—an essential requirement for deep space missions.

SpaceX recently encountered a setback when the latest test flight of Starship ended in an explosion. While the booster was successfully caught in its orbital test, the upper stage failed, tumbling out of control before the live feed abruptly cut. The incident mirrored a previous attempt.

The Federal Aviation Administration (FAA) has mandated an investigation before Starship can fly again, adding another layer of scrutiny to SpaceX’s ambitious timeline.

Despite these challenges, Musk remains optimistic, continuing to push forward toward his goal of making humanity a multi-planetary species.

Continue Reading

News

Obi donates N20m to Colleges of Nursing in Ahiara and Ihiala

Published

on

The 2023 Labour Party (LP) presidential candidate, Peter Obi, has donated N20 million to two Colleges of Nursing Sciences in Imo and Anambra States. The beneficiaries are Holy Rosary College of Nursing, Ogbe, in Ahiara Catholic Diocese, Mbaise, and College of Nursing Sciences, Our Lady of Lourdes Hospital, Ihiala.

Obi, a former Governor of Anambra State, presented N10 million cheques to each institution during his visits on Friday. At the Holy Rosary College of Nursing, he handed over the cheque to the Bishop of Ahiara Diocese, Most Rev Simeon Nwobi, at the college’s construction site. Similarly, at Our Lady of Lourdes, Ihiala, he presented the donation to the Students’ Union Government (SUG) President, Miss Anigbo Chisom Mary, in the presence of excited students.

Highlighting the significance of his donation, Obi stressed that healthcare and education are critical to national development. He commended the Catholic Diocese of Ahiara for investing in nursing education, describing it as a vital step in securing Nigeria’s future.

“My Lords, what you are doing is a great service to our country,” Obi said. “This donation is not a favour but a recognition of your efforts in nation-building. I will always support this project because it is about securing a better future for Nigeria.”

Obi further urged the government to prioritize quality education, including the prompt payment of teachers’ salaries. He emphasized the need for free and accessible education at the primary and secondary levels, both in public and private schools.

Continue Reading

News

Tinubu’s administration not running govt in secrecy — AGF Fagbemi

Published

on

The Attorney General of the Federation and Minister of Justice, Lateef Olasunkanmi Fagbemi, SAN, has reaffirmed the Federal Government’s commitment to transparency, stating that government affairs will no longer be conducted in secrecy.

Speaking at a Stakeholders’ Town Hall Meeting on the Application of the Freedom of Information Act (FoIA) in Awka, Anambra State, Fagbemi urged Nigerians to use the Act to demand accountability from their elected and appointed officials. The event was organized by the Centre for Transparency Advocacy (CTA) in collaboration with the Federal Ministry of Justice.

Represented by Garba Sunday, a lawyer in the ministry’s FoIA department, Fagbemi emphasized that the FoI Act empowers citizens to access government records and information without providing reasons for their request. He encouraged public officeholders to disclose their activities to foster trust and dispel rumors.

“The Act also provides for people with disabilities and other vulnerable groups to access government records. However, while the law guarantees access to information, there are exemptions and conditions that must be met before certain records can be released,” Fagbemi stated.

He commended the Anambra State government for actively implementing the Act, allowing citizens to stay informed about governance. He further called on Nigerians to exercise their right to information and participate in governance, adding that transparency leads to good governance.

“We appreciate the efforts of organizations like Rule of Law and Anti-Corruption (RoLAC) and CTA for making this town hall meeting possible. The purpose of the FoI Act is to promote **transparency, accountability, and good governance—**not to be used as a tool for blackmail or political attacks,” he added.

In her remarks, CTA Executive Director, Faith Nwadishi, lamented that many Nigerians remain unaware of their rights under the FoI Act, despite its enactment over 14 years ago.

“The Act allows citizens, including women, youth, and people with disabilities (PWDs), to track budgets, monitor government programs, and expose corruption. However, those who passed the law have done little to educate the public about its importance,” she stated.

Nwadishi highlighted that the town hall meeting aimed to empower marginalized groups to use the FoI Act in holding government institutions accountable. She also noted the work of the Strengthening Accountability and Governance in Nigeria Initiative (SAGNI) in promoting transparency in the Federal Capital Territory, Anambra State, and Edo State.

As calls for transparency and accountability grow louder, stakeholders emphasized the need for public institutions to proactively disclose information and for Nigerians to actively demand their rights, ensuring that governance remains open and inclusive.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.