NLNG Corporate Teamwork banner First bank FinTech summit Fidelity bank card banner Emerald Energy Institute Camano banner

$9.6bn judgment: Why we’re negotiating with P&ID — FG

By Ronald Mutum on 16/09/2019

Gmail icon

Views: 304

•AGF Abubakar Malami
•AGF Abubakar Malami

The Federal Government says it is left with the option of negotiating with Process and Industrial Developments Ltd over the 20-year Gas Supply Processing Agreement entered into in 2010 for which a United Kingdom court recently ordered the company to seize $9.6bn in Nigerian assets, because the timeline to appeal the judgment, first delivered in 2014, had elapsed. The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, told journalists in Abuja yesterday that the Peoples Democratic Party-led administration which entered into the contract agreement, signed and executed in 2010, failed to appeal the verdict.

Malami said there was no limitation regarding those that could be invited for interrogation, vowing that all those involved in the drafting and signing of the agreement as well as other “personalities of interest” would be probed.

He there was already an award of about $6.9bn verdict against Nigeria before President Muhammadu Buhari took over in 2015 and the time which the present administration would appealed had already elapsed because the previous administration had not appealed against the judgement “when it was made in June 2014.”

“So, with the lapsing of time to appeal, you could not have filed an application to either set aside the award or to stay execution; you require the leave of the tribunal to appeal an award. That leave would have been very difficult because Nigeria, as at then, had been judged and had slept over its right to appeal. “The only option open was to consider the possibility of negotiating. That was what informed our decision to consider the possibility of negotiation. Along the line of negotiations, many facts came to light, inclusive of the fact that gave rise to insinuations of fraudulent under-hands among the parties involved. “Fraud could be a ground for setting aside the award without necessarily seeking for leave. So, if we can establish fraud, there is no time limit within which we can raise it as against appealing the decisions of the tribunal on the bases of law or facts. He said the previous administration and the lawyers it hired should be blamed for the court case instituted on the matter in a Nigerian court which was struck for lack of diligent prosecution. “As at 2015, there was a contract in existence having been executed. There was an award in existence having been made in June 2014. There were lawyers engaged by parties, P & ID and the previous government. Yes there was a purported contract, there was a purported award and parties were in court before the tribunal. “But one thing that is important to state is that while the arbitral proceedings were on in the UK, there was an attempt by the lawyers that were engaged by the previous government to file a fresh action in Nigeria to set aside the award after it was made. “The lawyers that were engaged were engaged by the government that preceded the President Muhammadu Buhari Administration. The lawyers who conducted that case were inherited by President Muhammadu Buhari. There was an action in court, an action before the arbitrary tribunal in UK, an action before a federal high court in Nigeria conducted by the lawyers that were engaged by the previous administration.” Malami assured that the Nigerian Government would not sell out the interest of the country and the Nigerian people in order to satisfy some elements “who are consciously” out to extort the Nigerian people for their selfish aggrandisement. He said while the government was willing and ready to negotiate and meet the terms of agreements reached with all genuine investors that had done business or were still doing business with Nigeria on mutually beneficial terms, it would not allow fraudulent local and foreign collaborators to rip off the resources of Nigeria for no just cause in order to be seen as being nice or investor-friendly. (Daily Trust)

Source News Express

Posted 16/09/2019 12:07:35 PM





You may also like...
7 killed as Togo protest turns bloody

59 under watch over Ebola killer virus •Lagos...

Buhari shuns meeting with Bauchi, Adamawa governors

COZA breaks silence on rape saga, declares support...

Chidoka moves to make aviation customer-friendly, launches helpline...

UBA dominates at global banking awards in London,...

Ex-Minister Abba Moro, 4 others docked over NIS...

Nasarawa massacre: MILITANTS USED JUJU ON US —Police...

Falana writes AGF, requests release of 10 people...

Car bomb kills 13 in Yobe

Timaya goes off the radar

Court quashes FG’s bid to stop MTN from...


Latest News Presidency: PDP Reps raise alarm over alleged plot to subvert Atiku’s case at Supreme Court Killer of MTN staff sentenced to death by hanging Politician at the centre of Trump impeachment inquiry dies Bayelsa 2019: Dickson’s commissioner resigns Read what South East governors ask Buhari to do Gunmen kill one, abduct five others in Kaduna Ogwashi-Uku: Why we approved Okonjo-Iweala's brother as Obi - Govt Four Niger State workers die in car crash We’ll only register candidates with NIN for 2020 UTME – JAMB Bello buys 1,000 unregistered tinted vehicles for thugs to rig election, PDP alleges •PDP is confused, governor's aide responds Farmers, architects, hairdressers have sex more than people with other jobs - Research Dickson, Wike, other oil-producing state governors meet Buhari


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (551,263 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (447,479 views) Shameless Genevieve Nnaji exposes breasts in public (395,040 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (330,818 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (299,077 views) 10 cars more expensive than Jets (264,684 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (256,141 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (253,432 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (234,932 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (221,121 views) Lagos plane crash: Journalist releases victims’ names (198,618 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (195,825 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (105) Business & Economy (4,497) Business Verdict (85) Columnists (1,130) Complaints & Requests (96) Enterprise & Opportunities (217) Entertainment (690) Features (833) Global Business Monitor (466) ICT Monitor (66) International (4,084) Interview (204) Live Commentary (30) Love Matters (174) Maggie's Blog (448) News (52,744) Opinion (1,396) Pidgin (17) Politics (11,581) Religion (1,111) Sports (2,196) Stock Watch (39) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera