Abubakar Malami, the Attorney General of the Federation; Mohammed Adamu, the Inspector-General of Police; and Godwin Emefiele, the Governor of Central Bank of Nigeria, are leading Nigeria’s legal battle with Process and Industrial Developments Limited in the United Kingdom over the award of $9.6 billion against it.
Also, Lai Mohammed, Minister of Information and Culture; and Ibrahim Magu, acting Chairman of the Economic and Financial Crimes Commission (EFCC), are on the team.
A British commercial court had in August affirmed the ruling of a London arbitration tribunal, which, in January 2017, awarded $6.6 billion arbitral award against Nigeria over an alleged breach of a gas supply and processing agreement signed with P&ID.
The tribunal had ruled that Nigeria was liable for $6.6 billion in damages, which increased to about $9.6 billion with accruing interest.
Malami has told The Punch, via a phone chat, that the Federal Government was still considering all options in its efforts at upturning the judgment of the UK court. He assured that the government would adopt the option that would be most beneficial.
“All cards are on the table, but it all depends on the one that has potency for setting aside the award having regards to the applicable law in the circumstances.
“No possibility is ruled out. The options available to us include the possibility of filing a new case and or using existing proceedings to seek relief of setting aside the award (of the contract). Nothing can be ruled out,” he said.
He also confirmed that the Nigerian delegation had left for the UK to discuss with the nation’s legal team. He said talks between the government’s delegation and the legal team would consider strategies to be adopted in dealing with the matter.
He said the Federal Government would tender before the court evidence that the Gas Supply Processing Agreement signed in 2010, which led to the judgment of the British court, was rooted in fraud and corrupt practices.
The minister said although the court had ruled that Nigeria should pay P&ID $9.6 billion, it had yet to grant the firm the go-ahead to seize Nigeria’s assets in enforcement of the award given in favour of the firm.
The AGF said the Federal Government would tender, among others, the investigative report of the EFCC as well as Thursday’s judgment of the Federal High Court in Abuja, convicting P&ID Limited, which was incorporated in the British Virgin Island, and its Nigerian affiliate of fraud.