P&ID assets in Nigeria to be confiscated by FG - Lai Mohammed

P&ID assets in Nigeria to be confiscated by FG - Lai Mohammed

- Minister of information, Lai Mohammed, says legal documents are being prepared by the federal government, to enable it confiscate assets of the Process and Industrial Developments Limited in Nigeria

- The minister said the government is also working on instituting an action to set aside the entire award of $9.6bn on the grounds that the award did not take into cognizance, the fraud involved in the entire process

- Mohammed also responded to queries about the P&ID’s attempt to seize Nigeria’s assets in the UK in order to enforce the order of a British court against Nigeria

Legal documents are being prepared by the federal government, to enable it confiscate assets of Process and Industrial Developments Limited (P&ID) in Nigeria.

The development was made public by the minister of information and culture, Lai Mohammed, when he appeared with agencies under his ministry’s supervision to defend 2020 budget before the Senate Committee on Information, Daily Trust reports.

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Legit.ng gathers that he said: “I am aware that the AGF is also working on registering the judgment in which the Nigerian court ordered the winding up of P&ID Nigeria.

“The important thing about it is that when this judgment is registered, it therefore, means that whatever belongs to P&ID now becomes the property of Nigeria.

“I am also aware that we are also working on instituting an action to set aside the entire award of $9.6bn on the grounds that the award did not take into cognizance, the fraud involved in the entire process.”

The minister said some of the problems have just been brought to the government’s notice.

He said: “The Ministry of Justice is going to institute another separate suite in London to ask the UK court to set aside the entire $9.6bn judgment.

“I am also aware that efforts are being made to prosecute those Nigerians who have been found to be complicit or compromise their position for the P&ID company to exploit us.

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“Investigation is still going on to apprehend whoever is involved in the entire scandal.”

Mohammed also responded to queries about the P&ID’s attempt to seize Nigeria’s assets in the UK in order to enforce the order of a British court against Nigeria, stating: “To the best of my knowledge, the Ministry of Justice, the Central Bank of Nigeria and the EFCC are also working very hard on the P&ID matter.

“As you are aware, we succeeded in London in getting a stay of execution and leave of the court to appeal the judgment.

“Right now, we are appealing the $200m customary payment that we were asked to pay as a condition for stay for execution. We are supposed to pay that money within two months, but I know that the attorney general is busy working on appealing that payment.”

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Recall that Legit.ng previously reported that the federal government had paid £250,000 to P&ID, which was ordered by British Commercial Court.

The government had said it would appeal the order of the court which asked that a $200m security payment be made into its account within 60 days as a condition for a stay of execution of the $9.6bn judgment earlier given in favour of P&ID.

The court granted Nigeria leave to appeal against the $9.6bn awarded in favour of P&ID over an alleged breach of a gas supply contract tagged Gas Supply Processing Agreement.

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