FT News Briefing Nigeria’s $11bn court challenge
Jan 27, 2023
The UK Chancellor faces off against rightwing Tory MPs, rejecting demands for significant tax cuts amidst inflation concerns. Meanwhile, Argentina and Brazil are pushing a common currency plan, raising eyebrows about potential inequalities. Nigeria is embroiled in a high-stakes legal battle to overturn an $11 billion arbitration award linked to a failed gas project. This legal struggle could severely impact Nigeria’s foreign reserves just as the country grapples with economic challenges and impending presidential elections.
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Latin American Common Currency Challenges
- Brazil and Argentina are considering a common currency, but their economies differ significantly.
- Argentina has high inflation and a large government deficit, while Brazil's economy is more stable.
Nigeria's $11 Billion Court Battle
- Nigeria is fighting a $11 billion arbitration award to P&ID, an offshore company run by two Irishmen.
- The award stems from a failed gas project, with Nigeria alleging bribery and fraud.
Nigeria's Election and the $11 Billion Lawsuit
- The $11 billion lawsuit against Nigeria is a significant concern for presidential candidates.
- Losing the case would create a massive hole in public finances, impacting essential services like health and education.