Nigeria floors P&ID as UK court grants relief from $10bn fine

Nigeria floors P&ID as UK court grants relief from $10bn fine

- Nigeria has recorded a major victory over the Process and Industrial Developments (P&ID) case

- A UK court granted the federal government relief from the initial $10 billion fine imposed on it in 2017

- The new verdict was read on Thursday, September 3, by Justice Ross Cranston

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Nigeria has finally gained the approval of the Business and Property Courts of England and Wales on Thursday, September 3, over the application for an extension of time and relief from sanctions imposed on it in a case against Process and Industrial Developments (P&ID).

The judgment, which very well favoured the federal government, was read on Thursday by Justice Ross Cranston, TVC reports.

Nigeria floors P&ID as UK court grants relief from $10bn fine
Nigeria's minister of justice, Abubakar Malami (Source: The Nation)
Source: Depositphotos

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This no doubt means that the Nigerian government has gained a decisive victory in its pursuit to nullify a $10 billion verdict instituted earlier in 2017.

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Meanwhile, reported that Abubakar Malami, the minister of justice and attorney-general of the federation, had said that the federal government has learnt some lessons with the imbroglio that ensued relating to the P&ID contract.

Malami stated this while presenting keynote addresses during the African Arbitration day at the virtual international conference organized by the British Institute of International and Comparative Law (BIICL), Babcook University, and the School of International Arbitration at Queen Mary University of London (QMUL).

In a statement issued by his media aide, Umar Jibrilu Gwandu, on Thursday, September 3, Malami said: "The whole saga associated with P&ID contract was a product of corruption, fraud and non-compliance with processes and procedures."

He noted that associated processes and procedures that were required from the agencies involved, associated approvals and permits were not obtained, the Federal Executive Council approval was never sought for the contract and yet the contract was signed “without allowing these processes and procedures to be consummated.

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Much earlier, the Federal High Court in Abuja presided over by Justice Okon Abang on Wednesday, December 18, 2019, ordered the Economic and Financial Crimes Commission (EFCC) to arrest Adam Quinn, a British national.

Quinn, a director at Goidel Resources Limited, had been mentioned in many charges bordering on money laundering alongside another British man, James Richard Nolan.

Both Quinn and Nolan were said to be linked to the controversial Process and Industrial Development (P&ID) gas processing and utilization contract scam.

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