The federal government is almost set to appeal last Friday’s judgment by a British court which ordered it to pay some $9bn (N3.5 trillion) to a British engineering firm, Process & Industrial Development Limited (P&ID) over an oil deal violation.
Already, President Buhari has directed the Attorney General of the Federation to mandate the Economic and Financial Crimes Commission (EFCC), National Intelligence Agency (NIA) and the Inspector General of Police (IGP) to conduct a thorough investigation into the company, the circumstances surrounding the agreement and the subsequent events, which includes commencing a full-scale criminal investigation.
Minister of information and Culture, Lai Mohammed who announced this at a major press conference on the matter on Tuesday morning in Abuja also gave federal government assurances that the country will not lose any of its assets to P&ID as being reported.
“Despite the recent recognition of the award by a UK court, and contrary to some reports, Nigeria is not about to lose any of its assets to P&ID. There is no imminent threat to Nigeria’s assets,” he stated at the joint press meeting equally attended by Abubakar Malami, Minister for Justice and Attorney-General of the Federation; Zainab Ahmed, Minister of finance; as well as the Central Bank of Nigeria Governor, Godwin Emefiele.
According to him, “Nigerians should be assured that the Federal Government is taking all necessary steps to appeal the decision of the UK Court, to seek for a Stay of Execution of the decision, to defend its rights and to protect the assets of the people of the Federal Republic of Nigeria.
He reassured that the Federal Government will strongly avail itself of all defences customarily afforded to sovereign states under the United Kingdom Sovereign Immunity Act to stave off any enforcement of the award.
He said the government is seriously concerned on the “underhanded manner” in which the contract was negotiated and signed, stressing Indications that the whole process was carried out by some vested interests in the past administration, which apparently colluded with their local and international conspirators to inflict grave economic injury on Nigeria and its people.
Malami, while also addressing the press called the deal fraudulent which was designed to fail ab-initio, though he did not mention when the appeal would be done.
“We feel there is a need for a comprehensive criminal investigation for the purpose of identifying what undertones are indeed criminal. So, within the context of the appreciation that the contract was originally designed not to succeed and entered into with parties by parties that are not entitled to execute such agreement.
He stressed that it is not out of place to embark on wide- scale criminal investigation for the purpose of identifying if there are elements of local or international conspiracy for the purpose of subjecting Nigerian into serious economic loss from the award of this contract.
Finance minister Ahmed noted that considering the huge impact the said judgment debt would have on the economy, it was critical that the government does everything possible to ensure it is set aside.
“This matter is a very weighty one. An award of 9.6 billion US dollars is equivalent to N3.5 tn, this amount in our national budget will be covering for us personnel cost, which is about N3.2tn.
“This award that is unreasonable, excessive and exorbitant, is also unfair and an assault to every Nigerian. It’s beyond trying to compensate for commercial interest, it’s an assault to each and every Nigerian.
She said the finance ministry takes comfort from the efforts so far put in place by the attorney general, ministry of justice to endure that this judgment is set aside because the consequences will be unpleasant for each and every Nigerian.
CBN Godwin Emefiele confirmed that the P&ID did not at any time import any capital for the oil contract contrary to their claims of investing some $40m already in the job.
“We have checked our records and we don’t have anything to show that this company brought in one cent,” he emphasized.
…..details soon
