Former President Muhammadu Buhari, on Sunday, said the country would have paid $15 bn if it had lost the case against the international firm, Process & Industrial Development Limited.
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The award was originally for about $6.6bn but had increased to about $11bn as of the date of the court judgement because of interest. P&ID had brought the claim against Nigeria before the arbitral tribunal, alleging that Nigeria breached a gas supply and purchase agreement (GSPA) to supply gas to a P&ID project that was to be located in Calabar, Cross River State.
The presidential candidate of the Labour Party in the February 25, 2023 election, Peter Obi, has commended the United Kingdom for its respect for the rule of law in reversing the $11 billion awarded against Nigeria in a case filed by the Process and Industrial Developments Company.
The Economic and Financial Crimes Commission (EFCC), has opened its case at the Federal High Court (FHC), Abuja, against the British National, James Nolan, who jumped bail in 2022.
The Federal Government of Nigeria has won the legal case against Process & Industrial Developments (P&ID) Limited in a London court on Monday.
A prosecution witness in the trial of the $9.6 billion Process and Industrial Development Limited alleged fraud, Umar Hussein Babangida, has told a Federal High Court sitting in Abuja that efforts made to bring the Managing Director of Trinity Biotech Nigeria Limited, Patrick Nash, aka Gerald Nash, to trial failed as he had fled the country before he could be arrested.
The Minister of Justice and Attorney General of the Federation, Abubakar Malami who made this known while appearing before Senate Committee on Judiciary, Human Rights and Legal Matters chaired by Senator Opeyemi Bamidele, disclosed that the P&ID contract that was signed without due process and procedure has the capacity to rip off $10 billion from Nigeria.
Justice Obiora Egwuatu, in a ruling, also ordered Taiga, an alleged accomplice in the scandal, to produce two sureties in the like sum, who must be residents in the Federal Capital Territory (FCT).
Justice Folashade Giwa-Ogunbanjo admitted Kuchazi to the bail with two sureties in the like sum who must be civil servants not below the rank of a director.
P&ID has said that Friday’s ruling by the English Commercial court setting timelines for hearing in a long drawn legal battle against Nigeria was in its favour.
The CMC was held for the Court to decide procedural issues relating to the application to set aside what the country considered the “arbitral award” to P&ID on the basis that it was procured by fraud and corruption
Justice Okon Abang, who dismissed the prayer, said the application was lacking in merit and adjourned the case till Tuesday for continuation of trial.
Justice Okon Abang, who made this known, said the development was to allow Nolan’s counsel, Paul Erokoro, SAN, study the counter-affidavit filed by the Economic and Financial Crimes Commission’s lawyer, Ekele Iheanacho, in opposition to the Briton’s plea.
A Briton, James Nolan, on Wednesday applied for variation of his bail at the Federal High Court sitting in Abuja.
Justice Okon Abang, who granted the bail in an application filed by Nolan, ordered that the applicant must produce “a surety in like sum, who must be a Nigerian and a serving senator not standing any criminal trial in any court in Nigeria.
Testifying in an FCT High Court in Abuja, Babangida, informed the court that he led the team that investigated the alleged fraudulent activities of the P&ID.
They were arraigned before Justice Okon Abang of the Federal High Court, Abuja.
Ola Olanipekun, counsel to Taiga, informed the court that the defendant was sick and on admission at the Gwagwalada Specialist Teaching hospital.
Justice Adeniyi on September 21 remanded Taiga in the Nigerian Correctional Service in Suleja, Niger State.
Danjuma, in an interview with Bloomberg Businessweek, said the founder of P&ID, Michael Quinn, was his consultant and that he allowed Quinn to use his funds and office space until he found out that Quinn also applied for the contract himself.