P&ID, VR Capital Obstructing Investigation Into GSPA– Malami

The Nigerian government has said that P&ID and VR Capital are obstructing investigation into the Gas Power Purchase Agreement between the companies and the federal government.

The Attorney-General of the Federation, Abubakar Malami, said this in a document seen by THE WHISTLER.

He said, “P&ID and VR Capital have taken every possible step to delay or obstruct our investigations into the GSPA. If P&ID had nothing to hide in their transactions, they would have come clean earlier. Their evasive moves speak volumes.”

The Federal Government also claims that P&ID has been unable to provide a single witness or document to counter Nigeria’s claims of fraud in the $10bn case.

Nigeria had on July 14 appeared in the English High Court to determine whether the Federal Republic of Nigeria should be permitted an extension of time, to bring its application to set aside the multibillion dollar arbitral award on the basis that it was procured by fraud and corruption.

Malami said, “In light of the new and substantive evidence presented regarding the vulture-fund-backed P&ID’s fraudulent and corrupt activities, it is clear that the GSPA and subsequent arbitration was a highly orchestrated scam.

“This is, unfortunately, yet another example of Western businesses taking advantage of Africa’s vulnerabilities.

“Enforcement of the award would involve the English Court being used as an unwitting vehicle for this massive fraud against the Nigerian people.

“Investigations into the GSPA are ongoing, and we are firmly committed to overturning the injustice of the award – no matter how long it takes.”

Malami said ongoing investigations have uncovered further evidence that the P&ID’s deal was a “highly orchestrated scam.”

Malami noted that the country had discovered through investigations in the US, that it has become clear that P&ID and VR Capital will go to any length to aggressively pursue the $10bn arbitrary award.

The Attorney-General said that P&ID’s pattern of covering up their fraudulent conduct has only recently come to light.

He said, “First, they provided false evidence to, and misled, the Arbitral Tribunal.

“Then, they failed to disclose evidence of suspicious payments to the English High Court when they had a clear opportunity to do so.

“When confronted by the incontrovertible documentary evidence uncovered by the FRN’s legal and investigatory team, P&ID have responded at the eleventh hour with implausible explanations.”

According to Malami, in other cases, P&ID and VR have conveniently dismissed the evidence of witnesses, or claimed that due process has not been followed.

Malami explained that the latest revelations are no doubt why P&ID was desperate to conceal the evidence from these proceedings.

P&ID had dragged Nigeria to Court for alleged breach of contract, with a panel of three arbitrators voting 2-1 to award the company the full sum of its claim of $6.6bn, including interest totaling $9.6bn.

The country in 2010 under former President Goodluck Jonathan, signed the gas processing project, but in 2012, the company began an arbitration process, alleging breach of contract.

The Gas Power Purchasing Agreement under which P&ID was to build gas processing facilities in Cross River State and the government was to supply wet gas up to 400 million standard cubic feet per day that will be processed to generate electricity.