The Presidency has applauded the judgment by the UK Court granting Nigeria’s application for an extension of time and relief from sanctions in a $10 billion arbitration case with Process and Industrious Development Limited (P&ID) in Nigeria.
Presidential spokesman, Garba Shehu, said in their view, the judgment is right, just and provides a strong prima facie case that the fraudulent gas deal with P&ID and the subsequent judgment debt of $10 billion against Nigeria was a clear attempt to cheat the country of billions of dollars by a company that had not invested one Naira in our country.The Presidency has applauded the judgment by the UK Court granting Nigeria’s application for an extension of time and
relief from sanctions in a $10 billion arbitration case with Process and Industrious Development Limited (P&ID)
Presidential spokesman, Garba Shehu, said in their view, the judgment is right, just and provides a strong prima facie
case that the fraudulent gas deal
with P&ID and the subsequent
judgment debt of $10 billion against Nigeria was a clear attempt to cheat the country of billions of dollars by a company that had not invested one Naira
in our country.
On the arbitration award, he noted that it is a source of huge satisfaction that the UK Court, among others, had ruled that:
‘‘Nigeria has established a strong prima facie case that the Gas Supply and Processing (GSPA) was procured by bribes paid to insiders as part of a larger scheme to defraud Nigeria.
‘‘There is also a strong prima facie case that that (P&ID) main witness in the arbitration, Mr Quinn, gave a perjured evidence to the Tribunal, and that contrary to that evidence, P&ID was not in the position to perform the contract.’’
The Presidency expressed delight with the processes that led to this outcome in the English Court, noting that it has given relief to the Nigerian government to further protect our national assets from criminally-minded organisations and individuals.
He said the views of the UK court thus provide sufficient grounds for the Federal Government to go ahead and challenge the frauds perpetrated by the company and overturn the arbitration award.
President Muhammadu Buhari therefore commended the team of lawyers who represented Nigeria in the matter with P&ID, and reassures all well-meaning Nigerians and the international community of his unwavering commitment to fight corruption in all its forms and manifestation.
LEADERSHIP Weekend reports that the British Court yesterday granted the government of Nigeria’s application seeking stay of execution and an extension of time to appeal against the court’s earlier arbitral award of over $9 billion against Nigeria.
A controversial gas deal between the Federal Government and Process and Industrial Development (P&ID), a firm founded by two Irish businessmen and incorporated in the British Virgin Island, has led to the award of $9billion against Nigeria. The transaction, which was sealed in 2010, shows lack of concrete terms of engagement.
Following P&ID claims, the Arbitral Tribunal on 31st January 2017 rendered its Final Award against the Federal Government in the sum of US$6.597 billion together with pre-award interest at the rate of 7% per annum effective from 20th March 2013 and post award interest at the same rate till date of payment
However, Justice Butcher of the UK Commercial Court later on August 16, 2019 ordered that the P&ID could seize Nigeria’s assets worth $9 billion in UK.
The federal government had approached the court to establish that the contract was awarded on illegal terms.
Nigeria, through her lawyers told the court that P&ID got the contract after paying bribe to officials of government.
P&ID reportedly entered a gas supply and processing agreement with Nigeria in 2010.l
The company claimed Nigeria breached the terms of the contract and took a legal recourse and secured an arbitral award against the country.
Nigeria has been making moves to overturn the judgement and has gotten court clearance to request documents from P&ID, a stakeholder and review bank statement of former President Goodluck Jonathan, two former Petroleum ministers, Diezani Alison-Madueke and Rilwanu Lukman.
The Economic and Financial Crimes Commission (EFCC), on August 18, arraigned James Nolan, a Briton, and six companies over their alleged involvement in the contract
The court in its judgement said, ” the delay in the case is extraordinary and weighs heavily on the side of the balance an extension. In my view however, other factors bring it down in favour of an extension.
”As I have explained, the delay in my view is not the result of a deliberate decision made because of some perceived advantage, and in all the circumstances, Nigeria has acted reasonably.
”Given the strong prima-facie case of fraud which I have concluded Nigeria has established, the position is along the line of that identified in Terna, where substantial injustice is identified”
In a statement by his spokesman, Dr. Umar Jibrilu Gwandu, Malami said the court had allowed the FRN to file its appeal outside the normal time limits, due to the exceptional circumstances where the FRN had uncovered evidence of a massive fraud in procuring the award.
‘’The court heard evidence from the FRN and the offshore shell company P&ID in relation to the gas supply and processing agreement (GSPA), which the parties entered into 10 years ago and which was never performed.
‘’According to the statement, the Buhari administration, having inherited this dispute from the previous administration, only recently uncovered evidence that the GSPA was a sham commercial deal designed to fail from the start, and that its subsequent arbitral award was based on fraud and corruption.
“The FRN relied on a number of ongoing investigations across multiple jurisdictions, including the US, to build its case. During the hearing, new evidence was presented to further support Nigeria’s challenge.
“The FRN will now proceed to a full trial of the issues, where the FRN’s substantive application to finally set aside the award will be heard, thereby recording a major success considering the fact that the federal government exceptional circumstances application to have its challenge taken well outside the normal time limits is upheld on account of uncovered evidence of massive fraud in procuring the award.
‘’The Federal Republic of Nigeria is pleased with the outcome from the High Court hearing today.
‘’This is a major victory in our ongoing fight against the vulture-fund-backed P&ID, to overturn the injustice of the multi-billion dollar arbitral award.
‘’In light of the new and substantive evidence presented regarding P&ID’s fraudulent and corrupt activities, the court has granted our application for an extension of time to hear our challenge out of normal time limits.
‘’The federal government will now proceed to a full hearing of our fraud challenge in the coming months.
‘’Investigations into the GSPA are ongoing, and we are firmly committed to overturning the award – no matter how long it takes – to ensure that this money goes towards Nigeria’s future, not into the pockets of millionaires trying to exploit our country.”