Insists P&ID bribed Nigerian official with billions of naira to secure failed dealThe federal government Wednesday said it was confident that it would overturn the $9.6bn arbitral award by a London Arbitration Tribunal, and confirmed by a United Kingdom commercial court, to an Irish company, Process and Industrial Developments Limited , saying its preliminary success in securing a stay of execution was a pointer to the viability of its hope.
Mohammed anchored the government’s optimism on last Thursday’s decision by a British commercial court to grant its request to appeal the case, saying if the appeal stands no good chance of being successful, the court would not have allowed it. According to Mohammed, who was on the delegation to London, the payment, transferred in three tranches, could only have been made in appreciation of the alleged ‘good deed’ done to P&ID by Taiga.
Another condition the court imposed on Nigeria to stay the execution of giving P&ID the go-ahead to seize national assets is for the federal government to also pay £250,000, representing P&ID’s solicitors’ advance costs, within 14 working days. “Our message was simple: P&ID, a company without a physical address and no known investment anywhere in the world, set out to dupe Nigeria from day one, with the connivance of unpatriotic, corrupt and greedy Nigerians.
“The sham contract was also signed in contravention of the Bureau of Public Procurement Act and the Infrastructural Regulatory Commission Procurement Act,” he pointed out, adding: “While the MoU for the project was signed in 2009 by P&ID Nigeria Limited and the Nigerian government , a trick clause dubiously inserted in the MoU was curiously activated that allowed British Virgin Island -registered P&ID to replace the original contractual party, P&ID Nigeria Limited, to sign the...
According to the GSPA, the gas for the project, to generate electricity for Nigeria, was expected to come from OML 67 operated by ExxonMobil and OML 123 operated by Addax but the federal government said none of the two companies was even aware of the agreement.
This is a self created problem, shouldn't consume all your time from running normal duties...Sleepy heads!! Of 🇳🇬Cabinet 🔭
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Daily Trust - 🏆 13. / 51 Read more »
Source: TheNationNews - 🏆 6. / 69 Read more »