British Court Ruling: No Investment By P&ID In Our Records- CBN

The Governor of the Central Bank of Nigeria, Godwin Emefiele has said that there are no records of an investment for contract in Nigeria by the Process and Industrial Developments Ltd in the bank’s custody.

Emefiele disclosed this during a press conference in Abuja, noting that contrary to its claims in the media, the Irish firm did not invest any money on the contract in Nigeria.

Recall that the contract, which was entered into by the federal government with P&ID, had culminated into enforcement judgment of $9.6billion against the FG by a court in the United Kingdom.

“We have heard and also read in some media that P&ID or the contractor in this case had mentioned that it had invested close to about $40m in the project.

“On our part as the Central Bank of Nigeria, we note that P&ID is a foreign company.

“As a foreign company, if you are investing either in a contract or a project in Nigeria, there are various options you will adopt in bringing in your investment.

“If you are bringing in capital, in which case you are bringing in the money, you will fill Form A and you will also collect a certificate of capital importation.

“If you are bringing in machine or assets to execute your contract, then in this case you will fill Form M and also collect a certificate of capital importation to prove that you actually brought in money.

“We have gone through our records, we do not have any information in our records to show that this company brought in one cent into this country and we have accordingly written to the Economic and Financial Crime Commission and the Intelligence Department of the Nigeria Police that are currently investigating this matter,” Emefiele explained.