The House of Representatives, on Wednesday, resolved to investigate legal and other service providers involved in the biggest scam of $11.5billion arbitral award against Nigeria by a foreign firm, Process and Industrial Development Limited (P&ID).
Following a botched gas project, P&ID had dragged Nigeria to arbitration and fraudulently won the whopping $11bn award against the country.
The Federal Government, however, appealed on the basis that the ill-fated gas processing contract was obtained through a fraudulent process.
But in its verdict on Monday in London, Commercial Courts of England and Wales set aside the $11bn award against Nigeria.
At the plenary on Wednesday, the lawmaker representing Ohaozara/Onicha/Ivo Federal Constituency, Ebonyi State, Hon Kama Nkemkanma, brought a motion titled “Reversal of the $11bn arbitration award paid against Nigeria: Call for investigation of all legal and other services providers involved in the P &ID deal.”
Presenting the motion, Nkemkanma noted that the UK court affirmed that the award for the gas project was obtained by fraud.
He said, “Nigeria has been involved in a fight with P&ID since the company accused the Nigerian government of botching a deal by failing to provide gas to them leading to the ugly situation where the country suffered a $6.6bn judgment debt in 2017 when the arbitration tribunal ordered the country to pay P&ID with interest to start counting from March 2013.
“Again, we are aware that the Economic and Financial Crimes Commission (EFCC) in 2018, began investigating P&ID and found evidence of two bank transfers totalling $20,000 made by Dublin-based Industrial Consultants (International) 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, thus exposing the level of shoddiness and corruption around the entire process.”
Following its adoption, the motion was subsequently referred to the Committees on Justice and Financial Crimes for further input.
-Advertisement-
Grab our latest Magazine, "Ayodele Akintunde, SAN: Legal Titan Celebrates and Reflects on His Life Journey.". Get your order fast and stress free.
For more details about Newswire Law&Events Magazine, kindly reach out to us on 08039218044, 09070309355. Email: newswiremagazine@yahoo.co.uk. You will be glad you did
