House of Representatives has resolved to investigate all legal and other service providers involved in the Process & Industrial Developments (P&ID) contract deal which would have cost Nigeria $11 billion.
LEADERSHIP reports that Nigeria finally succeeded in stopping the enforcement of the $11 billion arbitration award in favour of P&ID against the country.
In a judgement delivered on Monday by Justice Robin Knowles of the Commercial Court of England and Wales he upheld Nigeria’s prayer on the grounds that the ill-fated gas processing contract was obtained by fraud.
Consequently, the House congratulated President Bola Tinubu, the government and people of Nigeria on the well-deserved victory over P&ID which led to the reversal of the fine.
The House took the decisions after it adopted a motion moved by Hon Kama Nkemkanma from Ebonyi State at plenary yesterday.
RELATED: Nigeria Wins $11bn Case Against P&ID
In the motion, Nkemkanma said in the judgement delivered by Justice Robert Knowles, it was held that the process through which P&ID secured a 2010 contract to build a gas processing plant in Calabar, Cross River State, was fraudulent.
He said Nigeria has been involved in a fight with P&ID since the company accused the Nigerian government of botching a deal by failing to provide gas to them leading to the ugly situation where the country suffered a $6.6 billion judgement debt in 2017 when the arbitration tribunal ordered the country to pay P&ID with interest to start counting from March 2013.
“The Economic and Financial Crimes Commission, in 2018, began investigating P&ID and found evidence of two bank transfers totalling $20,000 made by Dublin-based Industrial Consultants (International) Ltd. – part of the P&ID group of companies—to Grace Taiga, a Nigerian government lawyer who oversaw the award of the gas plant contract, thus exposing the level of shoddiness and corruption around the entire process,” Nkemkanma added.
Adopting the motion, the House mandated the Committees on Justice and Financial Crimes as well as others to investigate the matter and report back within four weeks for further legislative action.
