Latest News

P&ID: UK Court Judgment Has Protected Our National Assets From Criminals – Presidency

The Nigerian Presidency has welcomed the judgment by a United Kingdom (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.

Judge Ross Cranston of the High Court of Justice Queen’s Bench Division Commercial Court, London, United Kingdom, had earlier on Friday, granted the extension and relief.

On the allegations of fraud against P&ID in securing the contract, the judge held that Nigeria established “a strong prima facie case that the GSPA was procured by bribes paid to insiders as part of a larger scheme to defraud Nigeria.”

Reacting to the judgement in a statement by Senior Special Assistant to the President (Media & Publicity), Garba Shehu, on Friday, the presidency described it as “right” and “just.”

It also noted that the judgment has given relief to the Nigerian government to further protect the country’s assets from “criminally-minded organisations and individuals.”

“In our 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 statement said.

“On the arbitration award, 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 expresses 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.

“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.”

The statement quoted President Muhammadu Buhari as commending 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.”

Help Aledeh News deliver the independent journalism Nigeria and the world need. Support us by making a contribution. Your donation allows Aledeh News to be completely independent. But it also means this online platform is only possible because of the support of readers like you. Support Now!

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close
Close Bitnami banner
Bitnami