P&ID case: Investigation shows $301m was used to cover up deal, Malami says

P&ID case: Investigation shows $301m was used to cover up deal, Malami says

v c- Nigeria's AGF Malami has revealed latest findings from the FG's investigations of the P&ID case

- Malami said investigations revealed that about $301 million was given as under-hand dealings to some persons to hide the alleged illegal deal

- The AGF added that some persons involved in the illegal deal have been arraigned while others are still being investigated

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Nigeria's attorney-general and justice minister, Abubakar Malami, has opened more cans of worms regarding the ongoing legal battle with the Process and Industrial Developments (P&ID).

Speaking on Channels TV on Sunday, September 6, Malami said investigations by the Nigerian government has revealed that about $301 million was given as under-hand dealings to some persons to cover up the illegality of the gas supply and processing deal.

The P&ID contract which was signed during the administration of Late President Umaru Yar’adua in 2010 has been jettisoned by the administration of President Muhammadu Buhari, on the grounds that it was a product of fraud and corruption.

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P&ID case: Investigation shows $301m was used to cover up deal, Malami says

P&ID case: Investigation shows $301m was used to cover up deal, Malami says. Photo Credit: The Guardian
Source: Depositphotos

Malami said some of those involved in the illegal deals are being investigated while others have been arraigned.

“Within the official cycles of government, some have retired, and they are being alleged to have been involved in under-hand dealing as it relates to within the region of $301 million," he said.

He added that the Nigerian government is still carrying out more investigations outside the country.

The AGF reiterated that the arbitral proceeding claiming that Nigeria should pay P&ID $6.6 billion as damages, as well as pre- and post-judgment interest at 7 percent, amounting to $9.6b judgment plus interest, is a result of fraud and corruption.

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Earlier, Legit.ng reported that Nigeria had 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 P&ID.

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

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.

In another report, Malami said that the federal government has learnt some lessons with the imbroglio that ensued relating to the P&ID contract.

The minister 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."

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Source: Legit.ng

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