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    Tinubu In Brazil For BRICS Meeting, To Woo Investors 

    Tinubu In Brazil For BRICS Meeting, To Woo Investors 

    AMCON Sells 60% Stake In Ibadan DisCo For N100bn

    AMCON Sells 60% Stake In Ibadan DisCo For N100bn

    Lagos Bans Real Estate Practice, Others Without LASRERA Certification

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    ICYMI: President Tinubu Confers GCON on Outgoing Afrexim Bank Chairman, Benedict Oramah

    ICYMI: President Tinubu Confers GCON on Outgoing Afrexim Bank Chairman, Benedict Oramah

    FG Gives N60B To Gombe For Agro-Livestock Industrial Zone

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    Pelican Valley CEO, Dabiri-Erewa To Poach Diaspora Investments From UK

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    ‘Meeting President Tinubu and Prime Minister Pierre Is a Very Inspiring Moment For Me’ – Nigerian Medical Student In Saint Lucia 

    ‘Meeting President Tinubu and Prime Minister Pierre Is a Very Inspiring Moment For Me’ – Nigerian Medical Student In Saint Lucia 

    Amosun’s Wife, Other Descendants of Ogunbona Agboketoyinbo Mark 164th Memorial of their Revered Egba Warlord

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    I’m Still Saving My Virginity – Actress Olayode

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    My Ultimate Vision Is To Elevate African Sounds On the Global Stage – Ebonny Musik

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    NSF Tragedy: Abiodun Mourns, Sends Delegation To Kano, Supports Victims’ Families With N31m

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N’Assembly To Investigate Actors Behind $11bn P&ID Deal

...As Lawmaker Nkemkanma Presents Motion

The Daily Crucible by The Daily Crucible
October 26, 2023
in News
0
N’Assembly To Investigate Actors Behind $11bn P&ID Deal

 

 

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The House of Representatives has resolved to investigate legal and other service providers involved in botched gas project between Nigeria and foreign firm, Process and Industrial Development Limited.

 

The gas project was planned to be established in Calabar, the Cross River State capital but could not take off, a situation that made the P&ID to drag Nigeria to arbitration and won an $11bn award against the country.

The Federal Government, however, appealed on the basis gas processing contract was obtained through a questionable process.

In a judgment on Monday in London, Commercial Courts of England and Wales nullified the $11bn award against Nigeria.

President Bola Ahmed Tinubu and the Economic and Financial Crimes Commission(EFCC), have hailed the judgment.

At the plenary on Wednesday, October 25, the lawmaker representing Ohaozara/Onicha/Ivo Federal Constituency, Ebonyi State, Kama Nkemkanma, brought a motion titled “Reversal of the $11bn arbitration award paid against Nigeria: Call for investigation of all legal and other services providers involved in the P &ID deal.”

Presenting the motion, Nkemkanma said that the UK court affirmed that the award for the gas project was obtained by fraud.

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“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 $6.6bn judgment debt in 2017 when the arbitration tribunal ordered the country to pay P&ID with interest to start counting from March 2013.

“Again, we are aware that 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 said.

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