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The Economic and Financial Crimes Commission, has applauded the dismissal of the arbitrary $6.6billion judgment against Nigeria, won by the Process & Industry Development, Ltd, over a failed 2010 deal to develop a gas processing plant in the country. A United Kingdom, UK Judge, Robin Knowles of the Business and Property Court in…The Economic and Financial Crimes Commission, has applauded the dismissal of the arbitrary $6.
The arbitral tribunal unanimously decided that the Nigerian government had repudiated the Gas Supply and Processing Agreement, GSPA, by failure to perform its obligations under the agreement and awarded P&ID $6.6 billion in 2017. That fine along with interest has now risen to $11.5billion. Irked by the shadiness and hollowness of the claims of P&ID, Nigeria began investigating the company through the EFCC and found evidence of two bank transfers totalling $20,000 made by Dublin-based Industrial Consultants 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.
“The company has yet to even demonstrate that they had the credentials in the first place to carry out such a complex arrangement, nor provide any evidence of tangible investment or land-holding. The award in question, which amounts to over eight times Nigeria’s national health budget, could be used for far more important, and genuine, public issues at the current time….”, it said.
The defendants, both directors of Goidel Resources Limited, a Designated Non-Financial Institution and ICIL Limited, were docked on a 32 count- charge bordering on money laundering. Their trial still continues.
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