Nigeria’s Foreign Assets At Risk As Enron Seeks $22m Arbitration
August 19, 2020
6:36 am
Nigeria is making frantic efforts to stop Enron Nigeria Power Holding (ENPH) from enforcing a $22 million arbitration award that could risk the country’s assets in the US.
ENPH, an incorporation of the defunct Enron International, is seeking a turnover of Nigeria’s claim to proceeds from an $80 million mega yacht that was sold in the US.
In 2019, a US federal court had given Nigeria approval to sell the yacht, named “Galactica Star”, as part of an ongoing corruption case against Kola Aluko, Nigerian businessman who allegedly acquired it with diverted profits from oil sales in Nigeria.
The yacht …
