$9.6 bn botched gas deal: FG files suit against firm, as it uncovers new Fraud in P&ID Contract

The legal battle between the federal government and Irish firm, Process and Industrial Development (P&ID) is set to take a new twist after it (FG) revealed the discovery of new evidence of fraud in the Gas supply and process agreement entered with the firm.

This was made known by the by theAttorney-General of the Federation and Minister of Justice Media Assistance, Dr. Umar Gwandu.

Riding on this discovery, the government filed a fresh suit against the Judgment of a London Commercial Court which entered a $9.6 billion award against Nigeria.

The statement dated December 6 read, “The Federal Republic of Nigeria has today filed a new and substantive challenge in the English Courts in the ongoing fight against the vulture-fund-backed P&ID”.

“The filing challenges both the underlying arbitral award and its enforcement, and lodges a fresh appeal against the subsequent High Court judgment.”

It revealed that, “Based on new evidence that has come to light in recent investigations, it is clear that the original contract was a sham commercial deal and designed to fail from the outset. The fraud was only recently discovered as a result of President Buhari’s anti-corruption efforts spearheaded by the Economic and Financial Crimes Commission”.

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