$9 billion Debt: P&ID names Nigerian officials involved in contract negotiations
Amid denials by officials of the Buhari administration of complicity in the botched gas supply contract that resulted in the recent $8.9billion arbitral award against Nigeria by a UK court, the founder of the company at the centre of the controversy, Michael Quinn, on Saturday named key Nigerian government officials who played different roles in the process that led to the contract.
On behalf of the government, the Attorney-General and Minister of Justice, Abubakar Malami, said the government has resolved to probe the contract with a view to bringing suspected collaborator and conspirators to account.In 2017, the tribunal awarded P&ID $6.6 billion as damages. But, the amount grew to the about $8.9billion with an additional $2.3 billion in accumulated interest at 7 per cent rate per annum following Nigerian government’s refusal to enter an appeal for over five years.
Mr Malami was reacting to reports by the founder of P&ID, Michael Quinn, who blamed the present administration for the controversial award. The then manager of National Petroleum Investment Management Services , Labi Ajibade; the Managing Director, Addax Petroleum in 2010, Neil Hitchcock; then Permanent Secretary, Ministry of Petroleum Resources, Goni Sheikh; the director of the petroleum ministry, Grace Taiga, and a representative of the ministry’s head of policy .
Contrary to reports that the Jonathan administration was not in the know about the contract, Mr Quinn said following the dispute over the gas project, the decision to go for arbitration was taken with full consent of Mrs Alison-Madueke.
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