guarantee

FG Places $200m Bank Guarantee With UK Court In P&ID Row

November 29, 2019 3:50 am

Nigeria has given a bank guarantee of $200 million to the United Kingdom Commercial Court hearing its dispute with a British Virgin Islands-based engineering firm, Process and Industrial Development Limited (P&ID), over a botched Gas Supply and Processing Agreement (GSPA), which the federal government believed was fraudulently procured.

But P&ID has denied any wrongdoing in the agreement it entered into with the federal government to process wet gas for the generation of electricity for the country.

In what is clearly a positive step forward for Nigeria, the United Kingdom Commercial Court presided over by Justice Butcher yesterday accepted the …

Federal

FG Approves 500m Euro Credit Suisse Sovereign Guarantee

November 21, 2019 7:12 am

The federal government has approved the issuance of Euro 500 million sovereign guarantee from the Credit Suisse AG London Branch and a syndicate of international lenders.

Minister of State for Budget and National Planning, Clement Agba, told State House correspondents Wednesday after the weekly Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari. He said the international lenders will serve as collateral for the Euro 500 million facility, to be extended to the Bank of Industry.

He explained that the purpose of the loan is to finance major industrialisation projects and Micro-Small and Medium Enterprises (MSME) values chains …

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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