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Tag: P&ID

  • What Peter Obi said about P&ID judgement

    What Peter Obi said about P&ID judgement

    Mr Peter Obi, candidate of the Labour Party in the last presidential election has reacted over the judgement of a London court passed against Process & Industrial Developments (P&ID) Limited.

    Mr Obi said Nigeria won its bid to overturn an $11 billion damages bill involving the controversial P&ID deal, yet similar, or even greater amounts, have gone unaccounted for in Nigeria, and the culprits are freely walking the streets.

    In a post via X, Obi was thankful that the case was decided in the United Kingdom, a nation he said is known for its respect for the rule of law and where the judiciary delivers justice freely and fairly to the people.

    He wrote: “I congratulate our dear nation, Nigeria, especially the legal team that handled the major judiciary victory recorded at the United Kingdom Court on Monday in the case against Process & Industrial Developments (P&ID) Limited.

    “Thankfully, the case was decided in the United Kingdom, a nation known for its respect for the rule of law and where the judiciary delivers justice freely and fairly to the people. This, therefore, offers veritable lessons to Nigerians in general, and our judiciary in particular.

    “Every lawful society is built on a strong system of justice and every democratic society exists on the principle of the rule of law. In handling the identity crisis, electoral disputes, and many high corruption cases that have bedeviled our nation, the judiciary has a bounding duty to protect our dear nation’s value system.

    “Nigeria won its bid to overturn an $11 billion damages bill involving the controversial P&ID deal, yet similar, or even greater amounts, have gone unaccounted for in Nigeria, and the culprits are freely walking the streets.

    “I urge our public office holders, in different arms of government, to understand that we have no other nation but Nigeria and we all, are bound to work together for the development of our nation.

    “As we have gladly received justice in a foreign land, may we learn to give justice to our countrymen so that our nation can enjoy peace, progress, and unity. A truly just and fair New Nigeria is possible if our judiciary embraces the spirit and message of change”.

  • Tinubu inherited P&ID case but dealt with it – Minister

    Tinubu inherited P&ID case but dealt with it – Minister

    The Minister of Information and National Orientation, Alhaji Mohammad Idris, said on Monday that President Bola Ahmed Tinubu was elated by UK court reversal of $11bn awarded against Nigeria.

    Idris stated this while fielding questions from the State House correspondents at the end of the weekly Federal Executive Council (FEC), held at the presidential villa, Abuja.

    ”Let me reiterate that Nigeria actually saved $11.6bn by that singular judgment. You recall that this is not a case that was instituted against this administration.

    ”It is against the Federal Government of Nigeria over the years. The government of President Bola Tinubu inherited it but dealt with it judiciously and expeditiously. It ensured that all legal mechanisms were put in place to get us to win that case.

    ”So, it was actually a very delightful moment during the Federal Executive Council meeting when the news filtered in that Nigeria had indeed won this case. And of course, as expected, the President was very elated.

    ”So also were members of the Finance Council. We’re all very happy that that news filtered in and this is one direction that Mr president is going, ensuring that things are dealt with expeditiously, responsibly, and with utmost responsibility.”

    The News Agency of Nigeria (NAN). reports that a Business and Property Court in London, presided over by Justice Robin Knowles of the Commercial Courts of England and Wales, had quashed the $11 billion awarded against Nigeria in a case filed by the Process and Industrial Developments Company, (P&ID).

    Judge Knowles held that the award was obtained by fraud and that what had happened in the case was contrary to public policy.

    The court also declared that it did not find any merit in the charges of bribery levelled against a former Attorney-General of Lagos State, Mr Olasupo Shasore, SAN, who represented Nigeria in the arbitration.

    In the case marked: CL-2019-000752, the Federal Government sought to overturn $6.6 billion arbitration awarded in favour of P&ID in 2017.

    The award had continued to accrue interest since then, rising to approximately $11 billion before the judgment.

  • See officials involved in $11.1bn P&ID case against Nigeria [Read full judgement]

    See officials involved in $11.1bn P&ID case against Nigeria [Read full judgement]

    A Business and Property Court in London presided over by Justice Robin Knowles of the Commercial Courts of England and Wales on Monday quashed the $11.1 billion awarded against Nigeria in a case filed by the Process and Industrial Developments Company (P&ID).

    TheNewsGuru.com (TNG) reports eight (8) persons, including Grace Taiga described in the suit as a former Nigerian government official, were involved in the case filed by P&ID and were set to benefit from splitting the $11.1 billion awarded against Nigeria.

    Both Mohammed Kuchazi and Neil Murray, former business associates of P&ID, and Seamus Andrew, a former lawyer to P&ID, and sole owner of Lismore Capital, a litigation funding business, and P&ID shareholder were also set to benefit from the $11.1 billion.

    Also set to benefit from the $11.1 billion awarded against Nigeria were Brendan Cahill, P&ID co-founder; Trevor Burke, a former lawyer to P&ID; Adetunji Adebayo, a former business associate of P&ID and Adam Quinn, son of P&ID co-founder, Michael Quinn.

    However, Justice Knowles in his judgement handed down physically in open court, and electronically by email held that the award was obtained by fraud and that what had happened in the case was contrary to public policy.

    The full judgement obtained by TNG revealed the court did not find any merit in the charges of bribery levelled against a former Attorney-General of Lagos State, Mr Olasupo Shasore, SAN, who represented Nigeria in the arbitration.

    [Read full judgement of the London Business and Property Court here]

    In the case marked: CL-2019-000752, the Federal Government sought to overturn $6.6 billion arbitration awarded in favour of P&ID in 2017. The award had continued to accrue interest since then, rising to approximately $11 billion before the judgement.

    TNG reports the dispute dated to 2010 when P&ID Limited entered into a gas supply and processing agreement with Nigeria, with plans to establish an Accelerated Gas Development project in Cross River State.

    The project never materialised, and P&ID subsequently accused Nigeria of breaching the contract terms.

    P&ID claimed Nigeria violated the terms of its agreement by failing to provide gas for the power plant it wanted to build for the country.

    In 2015, P&ID won a judgment for a $10 billion compensation.

    This frustrated the construction of the Gas Project agreed to during the government of former president Umaru Yar’Adua and deprived P&ID of the potential benefits expected from 20 years’ worth of gas supplies with “anticipated profits of $5 to $6 billion.”

    The arbitral tribunal unanimously decided that the Federal Government had repudiated the GSPA by failure to perform its obligations under the GSPA and ruled that P&ID was entitled to $6.6 billion in 2017.

    The fine, along with the interest, subsequently rose to $11.5 billion.

    Former President Goodluck Jonathan’s government reached an out-of-tribunal agreement for the payment of $850 million and passed on the disbursement to the administration of President Muhammadu Buhari.

    But Buhari refused to pay the negotiated sum, set aside the settlement agreement and challenged the enforcement of the award before the English Commercial Court.

    However, the London court added $2.4 billion in interest making it $9 billion.

    Also, Shasore was accused of obstructing Nigeria’s legal proceedings against the British Virgin Islands-based company.

    Shasore was charged with allegations of negligence and inadequate due diligence in handling the case.

    In his defence, the ex-Lagos A-G maintained that he had done everything within his power to secure the best outcome for the country.

    Delivering the judgement, Justice Knowles ruled that the award was obtained by fraud.

    Knowles, in his verdict, which has been published on judiciary.uk, stated, “As far as I am aware, Mr. Shasore, SAN, has not, in my judgment, been shown to be corrupt.

    “His actions are inconsistent with Nigeria’s theory that he was.

    “I add that in my view, Nigeria (and specifically Mr Abubakar Malami SAN, the former Attorney-General of the Federation) did not in truth believe Mr Shasore, SAN was corrupt.

    “On 21st November, 2017, Shasore, SAN was engaged by Nigeria to represent the Ministry of Power in a $2.4bn arbitration claim by Sunrise Power and Transmission Co.

    “His appointment was approved by Malami, SAN, on 6th March, 2018, and formally confirmed by Mr Malami, SAN, on 18th March, 2018,” he said.

    The judge cited several reasons for his decision, highlighting Shasore’s sound advice to Nigeria to investigate and obtain expert evidence, his assistance in succeeding in Nigerian court applications, his contribution to reducing settlement figures, and his vigorous challenges against P&ID during the liability hearing.

  • P&ID case: What Tinubu said about landmark victory

    P&ID case: What Tinubu said about landmark victory

    President Bola Tinubu has applauded today’s judgement rendered by Judge Robin Knowles of the Business and Property Court in London, awarding a landmark victory to the Federal Government of Nigeria over a firm known as Process & Industrial Development (P&ID) Limited.

    Following Judge Knowles’ dismissal of the $11.5 billion (USD) value of the award plus accumulated interest, previously won by P&ID over a failed 2010 deal to allegedly build a gas processing plant, on the grounds that the award was obtained by fraud, President Tinubu commends the UK Court for prioritizing the merits of the case above all other considerations.

    “This landmark judgment proves conclusively that nation states will no longer be held hostage by economic conspiracies between private firms and solitarily corrupt officials who conspire to extort and indebt the very nations they swear to defend and protect.

    “Today’s victory is not for Nigeria alone. It is a victory for our long exploited continent and for the developing world at large, which has for too long been on the receiving end of unjust economic malpractice and overt exploitation.

    “Nigeria is appreciative of the tremendous efforts of the defense team and acknowledges the role of the Federal Ministry of Justice and the Office of the Attorney-General in the process of defending Nigeria’s interest in this case,” the President stated.

  • BREAKING: Nigeria wins $11 billion case against P&ID

    BREAKING: Nigeria wins $11 billion case against P&ID

    The Federal Government of Nigeria has secured a judgement of the Commercial Courts of England and Wales to halt the enforcement of the $11 billion arbitration award to Process and Industrial Developments (P&ID).

    TheNewsGuru.com (TNG) reports Robin Knowles, justice of the Commercial Courts of England and Wales delivered the judgement in the case marked CL-2019-000752 by email after over five years of legal fireworks.

    The Federal Government of Nigeria had asked the court to overturn an arbitration award in favour of P&ID, which after accruing interest, was worth $11 billion.

    P&ID claimed it entered into an agreement with Nigeria to build a gas processing plant in Calabar, Cross River State, but the deal collapsed because the Nigerian government did not fulfil its end of the bargain.

    In the judgement by Justice Knowles, the court upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud.

    Recall a private arbitration tribunal had on January 31, 2017 ordered Nigeria to pay $6.6 billion to P&ID plus interest beginning from March 20, 2013.

    With the interest rate fixed at seven percent amounting to $1 million a day, the potential payment had accumulated to over $11 billion before the verdict.

  • Alleged P&ID scam: EFCC accuses Briton’s lawyer of delay tactics

    Alleged P&ID scam: EFCC accuses Briton’s lawyer of delay tactics

    The Economic and Financial Crimes Commission (EFCC), on Tuesday, accused Paul Erokoro, SAN, counsel to James Nolan, a director in Process and Industrial Development Limited (P&ID), of deploying a delay tactic in the ongoing trial.

    EFCC lawyer, Bala Sanga, made the allegation before Justice Ahmed Mohammed of a Federal High Court (FHC), Abuja.

    But Erokoro disagreed with Sanga, describing the allegation as “a blackmail.”

    At the resumed hearing, Sanga informed that the matter was slated for cross examination of the first prosecution witness (PW1), Temitope Erinomo, a Principal Compliant Officer in the Special Control Unit against Money Laundering of the Ministry of Industry, Trade and Investment.

    While the cross examination was going on, the anti-graft agency’s lawyer raised objection to some questions which Erokoro put to the PW1.

    Sanga, who interjected, called the attention of the court to the fact that Erokoro, who only appeared for Nolan (2nd defendant) cannot be representing Lurgi Consult Limited (1st defendant) in the trial.

    He said the questions put across to Erinomo indicated that he was representing the two defendants

    Sanga argued that though the company was not represented by any counsel, the senior lawyer cannot advocate for the firm.

    He alleged that Erokoro’s action was a ploy to delay proceedings in the matter just like a sister case before another judge which, he said, had lingered for about three years.

    Sanga told Justice Mohammed that three years after the sister case commenced, it was disheartening that they were still on the first prosecution witness..

    The Federal Government had sued Goidel Resources Limited, a Designated Non-Financial Institution (DNFI); ICIL Limited and Nolan as 1st to 3rd defendants respectively before Justice Okon Abang in 2019.

    However, the case was reassigned to Justice Donatus Okorowo around September 2021, following the transfer of Justice Abang to Warri division of FHC.

    Reacting to Sanga’s allegation of deploying a delay tactic, Erokoro disagreed with him.

    “My lord, I have one word for this; blackmail,” he said, describing the EFCC lawyer’s allegation as “a blackmail.”

    He said Sanga cannot arm-twist the court into believing his statement.

    Erokoro said that the sister case which Sanga mentioned involved 9.6 billion dollars with over 20, 000 pages of evidence exhibited and that he saw no reason the matter should not take three years in cross examining a witness.

    Justice Mohammed, who assured that the case before him would be dispensed with as quickly as possible, ruled that Erokoro should bear in mind that he only appeared for the 2nd defendant (Nolan).

    The judge adjourned the matter until June 1 for trial continuation.

    NAN

  • EFCC arraigns P&ID Commercial Director, Muhammed Kuchazi for money laundering

    EFCC arraigns P&ID Commercial Director, Muhammed Kuchazi for money laundering

    The Economic and Financial Crimes Commission (EFCC), on Monday, arraigned a Process and Industrial Development (P&ID) Commercial Director, Muhammed Kuchazi, before Justice Folashade Giwa-Ogunbanjo of the Federal High Court, Abuja, on eight counts bordering on money laundering.

    Kuchazi was arraigned alongside his company, Kore Holdings Limited, on alleged money laundering related charges.

    TheNewsGuru.com, TNG gathered that while the company is the 1st defendant in the suit marked: FHC/ABJ/CR/319/2020, Kuchazi is the 2nd defendant.

    Kuchazi, a Nigerian and a sole signatory the company, would have benefitted the sum of 300 million dollars in the P&ID’s
    9.6 billion dollars judgment deal against Nigeria should the case succeeded.

    Recall that the EFCC had, on Oct. 21, 2019, arraigned James Nolan and Adam Quinn (at large), both British nationals and directors of Goidel Resources Limited and ICIL Limited before Justice Okon Abang over their alleged complicity in the 9.6 billion dollars judgment against the country.

    P&ID, an Irish engineering company, had secured the award against Nigeria following the non-execution of a 20-year gas and supply processing agreement (GSPA) the company had with the Federal Government.

    The arraignment of the two British nationals came weeks after two P&ID directors were convicted over the deal.

    Although Nolan and Quinn were arraigned on a 16-count charge bordering on alleged money laundering, Kuchazi and his company were arraigned on eight counts.

    After all the counts were read to him, Kuchazi pleaded not guilty.

    The EFCC counsel, Bala Sanga, prayed the court to remand him in Kuje Correctional Centre, pending the determination of the matter.

    But Kuchazi’s counsel, Aniah Okwen, moved an oral bail application for his client.

    Okwen hinged his reason on medical ground.

    He argued that Kuchazi was indisposed and needed medical attention.

    Sanga, in his argument, disagreed with Okwen on the oral application for bail after arraignment and the judge aligned with him.

    Okwen, however, urged the court to allow him to be kept at the EFCC custody, while praying the court for a short time to file the bail application.

    Justice Giwa-Ogunbanjo, who adjourned the hearing of the bail application until Feb. 4 and fixed April 27 and April 28 for trial.

  • BREAKING: [P&ID case]: UK court orders release of $200m deposit to Nigeria

    BREAKING: [P&ID case]: UK court orders release of $200m deposit to Nigeria

    A commercial court in London has ordered the release of the $200 million used as a deposit in the case against Process & Industrial Development (P&ID) to the Nigerian government.

    The Governor of Central Bank of Nigeria (CBN), reportedly confirmed the development on Tuesday.

    “Due to the substantial evidence of prima facie fraud established before the court, we are pleased that the judge has agreed to release the guarantee. We are also pleased that the court has rejected P&ID’s application to increase the guarantee, which was clearly intended to be a diversionary tactic and entirely misconceived,” Emefiele said.

    “This release which is accretion into the reserves will further enhance the nation’s management of the exchange rate of its domestic currency, the naira.

    “This is a further and significant victory for Nigeria in our ongoing fight to overturn the $10 billion award procured through fraud and corruption by P&ID and former government officials.

    “P&ID and its backers, Lismore Capital and VR Advisory, are increasingly seeing their case slip between their fingers. They continue to resort to employing delay tactics, disseminating misleading claims, and taking every step to obstruct our investigations across multiple jurisdictions.

    “The FRN will not rest until we secure justice for the people of Nigeria – no matter how long it takes. Investigations are ongoing, and we are confident that more of the truth will be revealed over the coming months.”

  • UK court orders P&ID to pay Nigeria £1.5million

    UK court orders P&ID to pay Nigeria £1.5million

    Nigeria secured another victory against Process and Industrial Development (P&ID) in the UK court yesterday as Sir Ross Cranston ordered it to make an interim payment of £1.5million to Nigeria.

    The amount, to be paid within 21 days, is to cover the legal costs Nigeria incurred as part of a successful application for the extension of time to challenge the arbitration award and procedural hearing earlier in the year.

    Both parties appeared in the English High Court for a scheduled hearing of Nigeria’s case against the P&ID.

    The hearing followed the major victory secured by Nigeria last Friday, allowing it to bring a fraud challenge against a $10 billion arbitration award obtained by P&ID well outside the normal time limits.

    The hearing on Thursday decided on procedural and costs issues relating to Nigeria’s applications to challenge the arbitration award, and to determine the short term directions to trial.

    A case management conference to determine the full trial window is scheduled to take place after November 2020.

    Attorney General of the Federation and Minister of Justice, Abubakar Malami in a statement through his spokesperson, Dr. Umar Gwandu, described the ruling as another crucial win for Nigeria.

    “his is another crucial win for Nigeria in our ongoing fight against the vulture-fund-backed P&ID”, Malami said..

    Please read his full statement:“The Federal Republic of Nigeria today (Thursday) appeared in the English High Court for a scheduled hearing.

    “The hearing followed the major victory secured by Federal Republic of Nigeria last Friday (September 4), allowing it to bring a fraud challenge against a $10bnn arbitration award obtained by vulture-fund-backed P&ID well outside the normal time limits.

    “FRN will now proceed to a full fraud trial. The hearing today was held to decide procedural and costs issues relating to the FRN’s applications to challenge the arbitration award, and to determine the short term directions to trial.

    “Cranston J ordered P&ID to make an interim payment of more than £1.5 million within 21 days to cover legal costs the FRN incurred as part of their successful application for the extension of time to challenge the arbitration award and procedural hearing earlier in the year.

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    “A case management conference to determine the full trial window is scheduled to take place after November 2020.”

    “We are pleased that the English courts have taken our fraud challenge seriously, and awarded us a substantial interim payment in respect of our successful application for an extension of time to challenge the award.”

  • P&ID fraud: How $301m exchanged hands among govt officials – Malami

    P&ID fraud: How $301m exchanged hands among govt officials – Malami

    Attorney General and Minister of Justice, Abubakar Malami has revealed how $301 million were used in bribing Nigerian government officials in the $10 billion judgment earlier awarded to Process and Industrial Developments (P&ID) against Nigeria.

    But the Federal Government on Friday secured a landmark victory in its pursuit to overturn a 10 billion dollar judgment awarded against it.

    The court court granted Nigeria’s application for an extension of time and relief from sanctions due to the exceptional circumstances where the government has uncovered evidence of massive fraud in procuring the award.

    However, Malami, while speaking on Channels TV’s Sunday Politics said as much he would not want to be pre-emptive, the fact still remained that at the local level, some of the principal characters were being investigated, and that some were not only investigated but were arraigned with certain convictions recorded.

    He said within the official cycles of government, some of the principal actors had retired, and that they were being alleged to have been involved in under-hand dealing as it related to within the region of $301 million.

    According to Malami, the investigation had re-affirmed the fact that there were certain under-hand dealings to the tune of $301 million.

    He added that there were arraignments, “there were convictions and indeed, monies were established to change hands as a basis for inducement that eventually resulted into compromises on processes, compromises on the procedure and then, failure on the part of the officials of government to do the needful in terms of ensuring that the interest of the nation is protected.”

    Malami explained that the due diligence relating to P&ID was not adequately undertaken as at the time of signing the agreement, but that arising from the investigation, government had taken time to conduct and expand its investigative capacity to other jurisdiction, inclusive of the US and that there was nothing establishing greater financial strength capacity on the part of P&ID right from the onset either in Nigeria and the Virgin Island.