DETERMINED to overcome legal hurdles over the $9.6billion judgment debt against the country over a failed oil contract, the Federal Government
The options include applying for a stay of execution, an order to set it aside and the third is to negotiate with the firm on “reasonable” terms.
Minister of Information and Culture Alhaji Lai Mohammed on a Nigerian Television programme “Good Morning Nigeria,” said the $9.6billion award is untenable because the nation will lose about 20 per cent of its Foreign Reserves. “Why did we take this matter to the highest level? Why did we say we are going to use legal, diplomatic and other means? It is not because we want to save money; it is just because the ward was unfair, unconscionable and punitive. I am short of words to really describe what the country is going through.
“So, ab initio, you could see the intent was less honest. Unfortunately, some local actors, both within the system and outside the system, are being fingered to have collaborated with both local and international actors to defraud Nigeria.” “It is quite unfortunate because it is one thing to breach a contract, if you have entered into a contract so to say and if the other party has performed, but for you to be slammed with a $9.6 billion fines when the injury suffered by the other party cannot be quantified.
He added: “This contract was entered into in 2010, five clear years before this government came on board. But we accept responsibility because government is a continuum.
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