Terminating a contract signed with a private firm, Iris Smart Technologies Limited, for the production of electronic passport booklets will cost Nigeria about N22 billion, the House of Representatives warned on Tuesday.
According to the House, procuring the equipment capable of putting the latest security features in the Nigerian e-passport will cost the government about N22 billion. The legislative chamber also warned that the production of 10 million booklets by the firm would be stalled.
The committee stated that “time will be of the essence if the contract expressly states it or if there are clauses to show that parties intended time to be of the essence.” The Central Bank of Nigeria and the Nigerian Security Printing and Minting Plc should be further advised to abide by this opinion in the overall best interest of the Federal Government, in order not to incur unnecessary liability on our lean financial resources through avoidable litigation or other costlier dispute resolution mechanisms.
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