PRESIDENCY WELCOMES JUDGMENT BY UK COURT ON P&ID

Date:

The Presidency welcomes 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.

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.

On the arbitration award, it is a source of huge satisfaction that the UK Court, among others, had ruled that:

READ ALSO  EU unfolds seven-year green economy, capial development in Nigeria

‘‘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.  

READ ALSO  ACCOUNT FOR N10 TRILLION STOLEN BY YOUR LEADERS, PDP TELLS APC

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 commends 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.

spot_img

Share post:

Subscribe

Popular

More like this
Related

Omotola Jalade commemorates 28th wedding anniversary and husband’s birthday

Omotola Jalade Ekeinde, a veteran Nollywood actress, is in...

LAGOS TO COLLABORATE WITH META PLATFORM TO DEEPEN DIGITAL SPACE

LAGOS STATE GOVERNMENT OFFICE OF THE SPECIAL ADVISER TO THE...

Zenith Bank Joins Fidelity In The Appointment Of Female GMD/ CEO

Zenith Bank Joins Fidelity In The Appointment Of Female...