Buhari orders EFCC, NIA to probe $9.6bn P&ID’s botched contract

President Muhammadu Buhari has directed the Economic and Financial Crimes Commission, EFCC, the National Intelligence Agency, NIA, and the Inspector General of Police, IGP, to conduct a thorough investigation into the recent $9.6 billion UK court’s judgement against Nigeria.

Just recently, a UK Court had authorised the Process and Industrial

Developments Ltd., P&ID, to seize 9.6 billion dollars in Nigerian assets, over a contract entered into by the company and the Ministry of Petroleum Resources in 2010.

However, the Minister of Information and Culture, Lai Mohammed, while briefing newsmen in Abuja on Tuesday, disclosed that the federal government was doing everything possible to unravel the circumstances surrounding the recent judgement.

He said the directive was an attempt to unravel the circumstances surrounding the recent judgement of a UK Court authorising Process and Industrial Developments Ltd., P&ID, to seize 9.6 billion dollars in Nigerian assets, over a contract entered into by the company and the Ministry of Petroleum Resources in 2010.

He also assured that the federal government was taking all necessary steps to appeal the decision of the UK Court, to seek for a stay of execution of the decision, to defend its rights and to protect the assets of the people of the Federal Republic of Nigeria.

He said: “We want to place on record that the Federal Government views with serious concerns the underhanded manner in which the contract was negotiated and signed.

“Indications are that the whole process was carried out by some vested interests in the past administration, which apparently colluded with their local and international conspirators to inflict grave economic injury on Nigeria and its people.

“In view of the above, and in an attempt to unravel the circumstances surrounding the entire transaction, the Honourable Attorney General of the Federation, with the approval of Mr President, has requested the Economic and Financial Crimes Commission, EFCC, the National Intelligence Agency, NIA, and the Inspector General of Police, IGP, to conduct a thorough investigation into the company, the circumstances surrounding the agreement and the subsequent event, which includes commencing a full-scale criminal investigation.”

In attendance during the briefing include: the Minister of Justice and Attorney-General of the Federation, Abubakar Malami; the Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed; and the Governor of Central Bank of Nigeria, CBN, Godwin Emefiele.