A peacebuilding think tank, Foundation for Peace Professionals also known as PeacePro has called on the Federal Government of Nigeria to prosecute all those involved in the conspiracy to defraud Nigeria by Process & Industrial Developments (P&ID) Limited.
PeacePro said that the attempt to defraud Nigeria by P&ID to the tune of $11billion is not an isolated case.
It said several such cases exist, some of which may be ongoing and others concluded, noting that those involved in the scam are a cartel that must be exposed and severely punished.
In a statement by the Executive Director of PeacePro, Amb Abdulrazaq Hamzat over the weekend, the group said that Commercial Courts of England and Wales saved Nigeria from what could literally be described as catastrophe of the greatest order and “we must do everything possible to ensure the country is never put at the mercy of foreign government to address crisis of such magnitude.”
According to Hamzat, after a long, tortuous legal battle, Nigeria narrowly escaped from a hefty penalty of over $11billion over a fraudulent failed 2010 deal to develop a gas processing plant in the country.
Justice Robin Knowles of the Commercial Courts of England and Wales halted enforcement of a $11 billion Process & Industrial Developments (P&ID) Limited arbitration award against Nigeria, which has been described as a scam.
According to the judge, the company’s award against Nigeria was obtained by fraud.
Hamzat explained that Nigeria may have succeeded in upturning the fine, which is about 30% of the national budget, but that is after spending over $40 million in litigation fees and the federal government must treat all those involved as economic saboteurs.
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Hamzat maintained that those involved are scattered amongst the senior civil and public servants, with support of some private players and President Tinubu and the national assembly must address the situation like a national emergency.
He concluded that all business deals involving the government, either concluded or currently disputed, should be reviewed to identify patterns of fraud and the respective players.
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