FAILED GAS PROJECT: Suffering ahead if Nigeria pays $9bn fine — Finance Minister vanguardngr.com vanguardnews
The Finance Minister, Mrs Zainab Ahmed, said yesterday that payment of the $9billion judgement debt imposed on Nigeria by a UK court would seriously affect the economy and cause Nigerians untold hardship.This is even as the Federal Government has raised a high-powered investigation panel to probe the entire process that led to the award of the multi-million Gas Supply Processing contract that necessitated the judgement to P&ID firm.
In particular, the probe is to unravel how and why the agreement sealed between government and a foreign firm, Process and Industrial Development Limited, P&ID, in 2010, failed and the roles played by the local and international parties in the failed project.
“In view of the above, and in an attempt to unravel the circumstances surrounding the entire transaction, the Attorney-General of the Federation, with the approval of Mr President, has requested the Economic and Financial Crimes Commission, EFCC, the National Intelligence Agency, NIA, and the Inspector General of Police, IGP, to conduct a thorough investigation into the company, the circumstances surrounding the agreement and the subsequent event, which includes commencing a full-scale criminal...
“The Federal Government, therefore, wishes to use this opportunity to assure Nigerians that there is no immediate threat to Nigeria’s assets as has been wrongly interpreted by a section of the media.
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