Lai Mohammed, the Minister of Information and National Orientation, has stated that the Federal Government was perfecting legal requirements to take over all assets of the Process and Industrial Developments Limited.
The Information Minister noted that the Minister of Justice, Abubakar Malami, was already preparing the requirements to confiscate all P&ID assets in the country.
“I am aware that the AGF is also working on registering the judgment in which the Nigerian court ordered the winding up of P&ID Nigeria.
“The important thing about it is that when this judgment is registered, it means that whatever belongs to P&ID now belongs the property of Nigeria.
“I am also aware that we are also working on instituting an action to set aside the entire award of $9.6bn on the grounds that the award did not take into cognisance. the fraud involved in the entire process.
He stated this when he led his ministry to defend their 2020 Budget before the Senate Committee on Information and National Orientation.
Speaking further, Mr. Lai said that; “Some of these problems have just been brought to our notice, and we are actually working on them.
“The Ministry of Justice is going to institute another separate suit in London to ask the UK court to set aside the entire $9.6bn judgment.
“I am also aware that efforts are being made to prosecute those Nigerians who have been found to be complicit or compromise their position for the P&ID to exploit us.
“Investigation is still going on to apprehend whoever is involved in the entire scandal.”
“To the best of my knowledge, the Ministry of Justice, the Central Bank of Nigeria and the EFCC are also working very hard on the P&ID matter.
“As you are aware, we succeeded in getting a stay of execution and leave of the court to appear the judgment.
“Right now we are appealing the $200m customary payment that we were asked to pay as a condition for stay for execution.”
David Chima is the Group Head (Editors) at Naija Buzz News. He is a very experienced Journalist. He studied Mass Communication at the Nuhu Bamalli Polytechnic Zaria, Kaduna State, before proceeding for Advanced Studies in Mass Communication (Journalism) at the Federal Polytechnic Bauchi, Bauchi State. He previously served as the Head Senior Reporters and Publishers at 1Push.Ng and eventually Naija Buzz News. Chima is a lover of football and a very strong supporter of Barcelona Football Club Spain.