Government

Ghana Ordered to Pay $111.5M to Power Company After U.S. Court Ruling

Published

4 weeks ago

August 22, 2024

The government of Ghana has been ordered to pay $111.5 million to Ghana Power Generation Company (GPGC) following a ruling by a District of Columbia Court in the United States.

This ruling was granted in favor of GPGC after Ghana failed to respond to an earlier tribunal ruling from the United Kingdom, which found the country in breach of a power purchase agreement.

The court’s decision comes after Ghana terminated its contract with GPGC on February 18, 2018. The UK tribunal, in its final award dated January 26, 2021, found that Ghana had violated its contractual obligations, resulting in significant financial damages for GPGC.

The tribunal initially awarded GPGC $134.3 million in damages, calculated using the Early Termination Payment formula as specified in the purchase agreement.

Ghana, however, did not comply with the tribunal’s verdict, prompting GPGC to pursue the matter in U.S. courts. On January 19, 2024, GPGC filed a lawsuit in the District of Columbia, citing the Federal Arbitration Act and the New York Convention, which provides for the recognition of international arbitration awards.

Court documents reveal that the petition was formally delivered to Ghana’s Ministry of Foreign Affairs and Regional Integration on January 23, 2024.

Despite receiving the legal documents, Ghana failed to respond to the court proceedings by the March 29, 2024, deadline. This non-response led the U.S. court to grant a default judgment in favor of GPGC.

Chief Judge James E. Boasberg emphasized that the arbitral judgment fell under the New York Convention, which requires member states, including the United States, to recognize and enforce international arbitration awards.

He further noted that Ghana had voluntarily submitted to international arbitration when entering the power purchase agreement, waiving its sovereign immunity in the process.

Although GPGC was not awarded pre-judgment interest, Ghana will be obligated to pay post-judgment interest at rates set by U.S. law.

This adds an additional financial burden to the $111.5 million judgment as the payment accrues further interest over time.

The country narrowly avoided a separate $11 billion arbitration award in the infamous P&ID case, which was eventually overturned due to findings of corruption and bribery.

However, in the GPGC case, multiple European courts have upheld enforcement orders, leaving Ghana with limited legal recourse.

The court’s decision is expected to place added pressure on Ghana as it faces mounting financial obligations related to international arbitration disputes.

GPGC has indicated that it will pursue all available legal avenues to ensure full recovery of the damages awarded by the tribunal, including possible enforcement actions in other jurisdictions.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Government

Soludo Reportedly Fires Commissioner Over Poor Performance

Published

1 day ago

September 17, 2024

Ugwoke Ogbodo

Governor of Anambra State, Prof Chukwuma Soludo, has reportedly sacked the state Commissioner for Information, Paul Nwosu.

Sources close to the embattled commissioner revealed that Nwosu was relieved of his duties over alleged poor performance.

Another source claimed that the commissioner resigned and was not sacked.

Feelers from the Ministry of Information in the state have it that the commissioner have already dusted his table and moved on.

“As I speak to you, Mr Paul Nwosu has packed his bag, and we’re just waiting for the news to be announced by the Press Secretary to the Governor, Mr Christian Aburime,” a source in the ministry confided in Investors King on Tuesday.

However, the governor’s Press Secretary, Christian Aburime, in a mobile phone conversation said that he is not aware of Nwosu’s sack but promised to get back to the media if anything like that happens.

As at the time of filing this report, it was not yet clear if the commissioner would be redeployed to another ministry.

Meanwhile, feelers have it that Dr. Law Mefor, a veteran communications strategist and a notable All Progressives Grand Alliance (APGA) member, has been lined up as a replacement.

Government

Edo Governorship: Anger, Worry as APC, PDP Candidates Shun Debate

Published

1 day ago

September 17, 2024

Ugwoke Ogbodo

There is raging worry among major political stakeholders in Edo State over the refusal of the candidates of the Peoples Democratic Party (PDP), Dr. Ighodalo Asue, and his All Progressives Congress (APC) counterpart, Senator Monday Okpebholo to honour debate organised in the state recently ahead of the Saturday’s governorship election.

Asue and Okpebholo failed to show up at a governorship debate organised by the Edo State Council of the Nigeria Union of Journalists (NUJ) in conjunction with the Nigeria Elections Debate Group (NEDG) and the Broadcasting Organisation of Nigeria (BON) for the party flag bearers to tell the people of the state their plans if elected to govern the South-South state.

Investors King gathered that only the Labour Party (LP) candidate, Olumide Akpata, his Peoples Redemption Party (PRP) candidate, Patience Ndidi-Key and the Action Democratic Congress (ADC) Derek Izedonmwen were present at the debate.

Speaking at the debate event, Akpata condemned in strong terms the absence of the other candidates, describing the failure of the APC and PDP candidates to honour the invitation to debate as an outright disregard not only to the NUJ and BON but Edo people.

Urging residents to call out the candidates and use their votes to do justice to them at the poll, Akpata, who claimed the two candidates hoped on violence and manipulations to win the governorship election and that is why they did not show up, also charged media organisations and executives to condemn the action by the two candidates in their editorials, writing, among others.

He wondered why a candidate should intend to govern a state without coming to tell the people what he has for them, saying, “Asue Ighodalo comes from the private sector as I do, but if I may ask, as chairman of the board of several companies, did he employ any intending employee without an interview? This is simple logic.”

Also frowning at the refusal of the candidates to show up for the debate, Olugbenga Edema Campaign Organisation of the NNPP in the forthcoming off-cycle governorship election in Ondo State, Olugbenga Edema, berated Asue and Okpebholo.

While describing the absence of PDP and APC candidates from the debate as an affront and disrespect to the electorate, Edema maintained that the action of the duo denies the people, particularly the electorate, their fundamental right to evaluate the policies and visions of those seeking to govern them.

In a statement signed and issued by the spokesperson of the campaign organisation, Oluwatosin Ayeni, it was emphasised that the refusal of the candidate to participate in the debate was a lack of respect for the voters, who are entitled to assess those seeking public office.

While urging the people of Edo State to take a stand, Edema called for the rejection of the two parties at the poll on Saturday, adding that such impunity on the electorate by the two political parties would not be tolerated in Ondo State.

Similarly, the Nigerian Elections Debate Group (NEDG) condemned the development and called on Nigerians to insist that those aspiring to govern them must be made accountable to them.

The Executive Secretary of NEDG, Eddie Emessiri said their non-appearance was unwarranted because ample time was giving to all candidates.

Government

Stakeholders Lead Campaigns for More Involvement of Women in Nigerian Politics

Published

1 day ago

September 17, 2024

Ugwoke Ogbodo

Concerned stakeholders across the globe have commenced advocacies for improved participation and involvement of women in politics in Nigeria.

The stakeholders including UN women, National Institute for Legislative and Democratic Studies and some female politicians in Ebonyi State argued that Nigeria tends to grow better when a sizeable number of females are included in governance.

As part of measures to achieving this aim, the organizations organised a one-day advocacy and sensitization workshop in Ebonyi North East State Constituency with the theme: “Advance Women’s Political Participation and Representation.”

At the event held in Abakaliki, Ebonyi State capital on Tuesday, the Coordinator of UN Women, Prof. Arthur Ikeme lamented that despite the gender equality campaigns, there are still low participation of women in politics and this motivated them to carry out sensitization visits to the South East geopolitical zone and Ebonyi State was chosen as the first point of call.

Ikeme commended the lawmaker, Chinyere Nwogbaga for her ingenuity and thanked the State Governor, Francis Nwifuru for putting women in positions of authority in his administration.

Nwogbaga who facilitated the programme recounted the hurdles she faced while seeking political position adding that women are being marginalised despite their efficiency and dedication to duties.

Nwogbaga who is the Chairman, House Committee on Women Affairs, is representing Ebonyi North East Constituency in the Ebonyi State House of Assembly.

She explained that she organised the programme through the sponsorship of the UN Women to advocate and intensify the involvement of women in politics noting that women have proven to be better in handling positions of authority if given the chance.

Rendering account of her stewardship, Nwogbaga said she has co-sponsored several key bills into law, installed street lights in each of the seven wards in her Constituency, secured health insurance for more than 100 elderly and vulnerable individuals, drilled hand pump boreholes to provide portable water, established a foundation to offer free services to the needy, distributed bag of fertilizers to rural farmers to boost food availability, awarded scholarships to indigent students as well as payment of WAEC fees.

The lawmaker commended the state governor for his giant stride in putting women in positions of authority like the State Deputy Governor, the Secretary to the State Government, Clerk of the State Assembly and members in the State Executive Council and eulogized the wife of the state governor, Mary Maudline Nwifuru for her BERWO programme which has given women great sense of belonging.

In her remarks, the chairman of the Industrial Arbitration Panel in South East, Tonia Adol Awam called for the enhancement and strict implementation of the violence against persons Law (VAPP) to allow more women participation in politics.