P&ID: Excitements As London Court Orders Release of $200m Guarantee To Nigeria.

By John Nwokocha, Managing Editor

Abuja

Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, yesterday in Abuja expressed excitements over the latest victory for Nigeria on the P&ID scandals as the Commercial Court in London ordered the release of $200m used as a deposit by Nigeria in the case to be returned to Nigerian government.

This development was disclosed in a statement by Dr. Umar Jibrilu Gwandu, Special Assistant on Media and Public Relations Office of the Attorney-General of the Federation and Minister of Justice.

“We are glad having this victory in addition to multiple successes recorded so far”. Malami reported declared.

He declared further: “The recent judgement on the Nigeria’s cases against P&ID demonstrated an outcome of strong commitment and determination of the present Federal Government through the Office of the Attorney-General of the Federation and Minister of Justice to tackle fraud, corruption, non-compliance with the due process”.

Earlier in September, the federal government secured a judgement of a British court to suspend an unfavourable ruling over the scandal.

The New Narrative investigations revealed that the Royal Courts of Justice Strand, London, WC2A 2LL presided over by Justice Sir Ross Cranston said following a review of written submissions by the Nigerian government after the arbitral award, which contained “new evidence” concerning the matter in dispute, the court decided to grant “Nigeria’s applications for an extension of time and relief from sanctions.”

The P&ID problem was blown open last year when a U.K. judge ruled P&ID could enforce an arbitration tribunal’s 2017 ruling, now totaling $9.6 billion including interest, which found the country breached the agreement.

Furthermore, we learn that the gas supply arrangement was “designed to fail, partly because the company had neither the expertise nor had the government put in place necessary mechanisms for its success”.

Nigeria’s chances of annulling the giant penalty laid on proving the 2010 gas supply arrangement was a sham designed to fail by P&ID and government officials.

Following this development a commercial court in the United Kingdom granted Nigeria’s appeal for a stay of execution of the award of $8.9 billion (about N3.2 trillion) in favour of P&ID, a controversial British firm that secured a gas contract in Nigeria.

But according to the Attorney-General of the Federation and Minister of Justice who took over the coordination of the case, it has been a matter of success upon success.

He listed the successes to include among others:

Order for stay of execution of the arbitral award was granted, Nigeria recorded success  challenging the order for cash deposit of $200m to bank guarantee, an order for the extension of time to challenge award and agreement, court awards payment of legal cost of €1.5m in favour of the country, The Court ordered release of bank guarantee in favour of the Federal Government of Nigeria, Award of payment of €70,00 to Nigeria as further legal cost relating to the issue and Nigeria obtains multiple positive rulings to obtain  information from banks abroad which helped in establishing fraud.