British Court Ruling: We’re Ready To Negotiate With P&ID

The federal government has said it is ready to come to a consensus with British firm, Process and Industrial Development (P&ID) over a court ruling that ordered the firm to seize Nigerian assets worth $9 billion.

This was disclosed on Nigerian Television Authority (NTA) breakfast programme, by the Minister of Information and Culture, Lai Mohammed who said the government is aware of the consequences such payment would have on the economy and is ready to find a way out.

“We are leaving no stone unturned to ensure that this judgment is set aside. I want to assure Nigerians that there is absolutely no imminent threat to seizure of our assets because even the UK courts said they cannot begin any attachments until the courts are back and there will be further hearing on the matter.

“We are even willing to sit down with the P&ID and negotiate. We are ready to take this matter to the highest level legal, diplomatic and otherwise because we think it is just unfair and unconscionable. You don’t inflict this kind of injury on a country and its people for your selfish reasons.

“The government is doing everything possible to get self-execution and to set aside this award. But at the end of the day, we need to sit down with the P&ID and arrive at something that we think is reasonable for all the parties.”

Recall that the gas processing plant 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.

Earlier this week, the Governor of the Central Bank of Nigeria, Godwin Emefiele had said there are no records of an investment for contract in Nigeria by P&ID in the bank’s custody.

 “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 said.

Despite decisions to negotiate, Mohammed accused P&ID of engaging the services of some unpatriotic Nigerians in spreading misinformation about the contract, which according to him, was not done.

“One thing is clear, without insider collaboration, we would not have reached this sordid path. Clearly, the Federal Ministry of Petroleum Resources had enough competent experienced personnel to know that this kind of contract cannot be entered into without involving the NNPC and the IOC,” Mohammed said.