Sat. Jan 25th, 2020

$9.6bn Fine: FG Insists P&ID Deal Is ‘Sham’, Confident Of ‘Fair Hearing’

The Nigerian Government has insisted that the Process and Industrial Development Limited (P&ID) contract is fraudulent, following the recent development in the case.

The Minister of Information and Culture, Lai Mohammed, stated this at a press conference on Wednesday in Abuja, the nation’s capital.

“The Federal Government now has unconditional permission to appeal against the decision of the Commercial Court recognising and converting the $9.6 billion arbitration award in favour of P&ID to a domestic judgment,” he told reporters.

A London court had in mid-August granted P&ID the right to seek Nigerian government assets worth $9.6 billion over an aborted gas project.

The court awarded the penalty in an arbitration decision over a failed deal to build a gas processing plant in Calabar, the Cross River State capital.

However, the decision of the court did not go well with the Muhammadu Buhari administration which said the contract was initially designed to fail.

On September 19, A Federal High Court in Abuja ordered the Process and Industrial Development Limited (P&ID) to wind up operations in Nigeria and forfeit its properties to the Federal Government.

While the government continues its bid to overturn the judgment of the London court, the government sent a delegation to the United Kingdom last week.

The team comprised two ministers, Governor of the Central Bank of Nigeria (CBN), as well as heads of the Nigeria Police Force and the Economic and Financial Crimes Commission (EFCC).

 

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