$396m Paris Club Balance Remains Unpaid, Says Nwoko

Senator Ned Nwoko has insisted that the outstanding $396 million linked to the Paris Club debt buyback consultancy remains unpaid, rejecting claims that the obligation had already been settled.

The senator, who represents the Delta North Senatorial District, was reacting to recent allegations by George Uboh, who reportedly petitioned the Federal Government and the Economic and Financial Crimes Commission (EFCC), asking that no further payment be made to Nwoko’s company because the debt had been cleared.

In a statement issued by his media office in Abuja and made available to LEADERSHIP, Nwoko described the claims as false and misleading, maintaining that records available with relevant authorities support his position.

“Contrary to these claims, the outstanding balance of $396 million due to my company has not been paid,” the statement said.

He added that the matter had been reviewed by relevant agencies on different occasions and maintained that no decision had invalidated the debt.

Nwoko also said previous documents and communications known to the parties showed that the consultancy fees remained unresolved.

He urged the public to disregard what he described as misinformation and reiterated his commitment to pursuing a lawful and transparent resolution of the matter.

The dispute dates back to 2013, when Nwoko, through his company, was engaged as a consultant to represent the 774 local government councils, the six area councils of the Federal Capital Territory, and the Association of Local Governments of Nigeria (ALGON) in a suit against the Federal Government.

The suit sought the recovery of $3.188 billion allegedly deducted from local government allocations to service Nigeria’s Paris Club debt.

On 3 December 2013, the Federal High Court in Abuja ruled in favour of the plaintiffs, ordering a refund of the full sum and approving a 20 per cent consultancy fee valued at $637.6 million for Nwoko’s company.

Subsequent enforcement actions led to a Garnishee Order Absolute against the Central Bank of Nigeria on 27 June 2016, a decision later upheld by the Court of Appeal on 2 February 2018.