Politics

$9.6billion Judgement: P&ID refuses to negotiate with Nigerian Government, set for legal battle

President Muhammadu Buhari

Process and Industrial Development (P&ID) has allegedly denied option to negotiate with the Federal Government over the $9.6billion judgement against Nigeria.

“Any suggestion P&ID has made an offer of negotiation or that there is an offer the Nigerian government is considering is entirely false,” Chris Rogers, P&ID representative, told The Punch.

The Minister of Justice and Attorney General of the Federation, Abubakar Malami, had led delegation to the United Kingdom ahead of the court session today.

A UK court had ordered P&ID to seize $9.6billion worth of Nigeria’s assets for the failed gas contract.

The Nigerian Government had frowned at the court ruling and consequently vowed to fight against it.

President Muhammadu Buhari speaking at the United Nations General Assembly on Tuesday in New York said that the country would not allow international criminals like P&ID to defraud the nation of its hard earn resources.

Jutice Inyang Ekwo of the Federal High Court in Abuja had convicted the firm and its Nigerian subsidiary, P&ID Nig. Ltd, of fraud, tax evasion and other offences.

P&ID in its reaction to the conviction however noted that their representatives who pleaded guilty to the 11 counts charge was not it staff anymore. The UK firm described the judgement as a sham and entirely illegitimate.

Malami had few weeks ago stated that the best option for Nigeria was to negotiate with the company. P&ID had also expressed interest in negotiating with the President Buhari’s government.

But it appears the already fragile relationship is broken, apparently due to steps taken by the UK firm to get compensation for its alleged losses and the Nigerian Government to protect the wealth of its people.

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