Muhammadu Buhari<\/a> tagging the contract a \u201cscam\u201d aimed at cheating the country of \u201cbillions of dollars\u201d.<\/p>\n\u201cWe are giving notice to international criminal groups by the vigorous prosecution of the P&ID scam attempting to cheat Nigeria of billions of dollars,\u201d Buhari said at the General Assembly of the United Nations in September.<\/p>\n
Media reports quoted government officials as saying the contract was signed while late president Umaru Musa Yar\u2019Adua was critically ill and Goodluck Jonathan was acting president. Jonathan has since denied any knowledge of the contract.<\/p>\n
The deal, a 20-year gas contract, was to build and operate a plant to refine natural gas into \u201clean gas\u201d in Calabar, the Cross River State capital.<\/p>\n
The gas was being flared in the Niger Delta and the Nigerian government thought it was good business to have a company convert some of that wasted, poisonous gas into electricity in the face of Nigeria\u2019s perennial power woes.<\/p>\n
The contract also stated that the government would install the necessary pipelines and infrastructure and receive the lean gas free of charge to power Nigeria\u2019s fragile national grid, the company said.<\/p>\n
The company, according to a report by Bloomberg, was registered in the British Virgin Islands but had no website or track record. Its chairman was Michael \u201cMick\u201d Quinn, a 68-year-old Irishman with a rakish moustache and decades of experience in Nigeria, mostly as a military contractor.<\/p>\n
In a blog post on a website suspected to be operated by pro-P&ID entities pandidfacts.com it was claimed the Nigerian government had failed to meet its commitments, causing the project to flounder.<\/p>\n
\u201cThis meant Nigeria would lose the opportunity of a new power supply, and P&ID would lose 20 years\u2019 worth of profits,\u201d it said, adding that it attempted to find solutions but \u201cNigeria refused to come to the table\u201d hence the arbitration that commenced in 2012 before a tribunal in London.<\/p>\n
\u201cAlthough during the arbitration Nigeria claimed to be interested in reaching an amicable settlement with P&ID, in fact Nigeria never made a serious offer and it became clear that Nigeria was attending settlement discussions only to delay the proceedings.<\/p>\n
In August of 2019, P&ID won its case against Nigeria. Initially awarded for $6.6 billion, the contract sum would later rise to $9.6 billion due to accrued interest since 2013.<\/p>\n
However, on September 19, 2019, a Federal High Court in Abuja convicted two of P&ID representatives in Nigeria of charges bordering on money laundering, abuse of office and economic sabotage.<\/p>\n
The court also ordered P&ID to forfeit all its assets to the Nigerian government.<\/p>\n
The company representatives had pleaded guilty to 11 counts of fraud, money laundering, tax evasion and other charges.<\/p>\n
Attorney-General Abubakar Malami says the contract was signed with no clear terms and conditions and that it \u201cwas engineered to fail\u201d and defraud Nigeria.<\/p>\n
The company, however, called the judgment a \u201csham\u201d and a clear case of intimidation by the state. It said none of the individuals convicted are current employees. The firm also stated that it hasn\u2019t received communication from<\/p>\n
Nigerian authorities about the investigations.<\/p>\n
The company said it will continue its efforts to identify and seize Nigerian assets to recover its money.<\/p>\n
On Thursday, September 26, 2019, a Nigerian government delegation will head to the UK to persuade a British court
\nto set aside an order permitting P&ID to seize $9.6 billion worth of assets from Nigeria, since the cash equivalent is not forthcoming.<\/p>\n
The Nigerian government delegation will include the Attorney General, Central Bank Governor Godwin Emefiele and Inspector General of Police Mohammed Adamu.<\/p>\n
This is \u201cabout not allowing a case based on fraudulence to proceed,\u201d Malami was quoted as saying by the New York Times. CBN Chief has warned of \u201cadvanced consequences for the Nigerian economy\u201d if P&ID is allowed to seize Nigeria\u2019s assets<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria\u2019s anti-graft agency has arraigned two British nationals, James Richard Nolan and Adam Quinn, for alleged money laundering in connection with the Process and Industrial Developments (P&ID) contract. Economic and Financial Crimes Commission on Monday arraigned them on 16 counts of money laundering. EFCC said the two men were directors of two companies that failed […]<\/p>\n","protected":false},"author":62,"featured_media":8559,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[68,42,87],"class_list":["post-17079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-efcc","tag-goodluck-jonathan","tag-muhammadu-buhari"],"yoast_head":"\n
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