P&ID: Why FG Expects UK Court To Nullify $10bn Fine – Malami

–Says National Arbitration Policy Framework Underway

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, has said that the Federal Government is hopeful of convincing the United Kingdom’ Court to quash the Process and Industrial Development(P&ID) case with Nigeria.

Malami spoke on the Nigeria Television Authority on Tuesday and monitored by our correspondent.

He stressed that by the time Nigeria provided sufficient evidence of fraud to the court, it would most likely emerge victorious in the P&ID gas contract case of 2010, which would see to the setting aside of the $10 billion fine standing against the country.

“We have seen the flashes that gave us the go-ahead, that gave us the nod to embark on international investigation with particular reference to exposing the financial inducement as the basis of the P&ID agreement that was executed.

“So it was indeed flashes of success and then, what is next is the consolidation, working extraordinarily hard to consolidate on this flashes by way of seeing light at the end of the tunnel…that light we are targeting to see is to establish fraud, corruption, material and substancial misrepresentation of facts, criminal conspiracy, breaches in the process and procedures and at the end of the day, have the entire award set aside and have the agreement nullified,” Malami said.

Furthermore, Malami noted that he had ordered the formulation of a National Arbitration Policy, geared towards stopping such magnitude of fraud against the country in the future.

“I have already instructed the kick-starting of a development of National Arbitration Policy, which will be presented to the Federal Executive Council for consideration.

“As of yesterday, I was discussing with the principal officers in the Federal Ministry of Justice in the direction of looking at the possibility of developing a National Policy on Arbitration.

“But the bottom line is one, to ensure that we set the cost, two, ensure that the national interest is factored much more than any other consideration; three, to ensure that at the end of the day our arbitration processes both in terms of structures, capacity, are indeed enhanced significantly to create a situation whereby we can favourably compete internationally,” he said.

Malami also held that an Executive Order would be captured in the new policy.

“We are not ruling out the possibility of bringing about Executive Orders and to implement same, if the need arises.

“Perhaps, in a couple of days we will come up with certain strategies that will see to the development and enhancement of our arbitration capacity, both in terms of structures, capacity building and legal framework.

“We are looking at the legal framework, to look at the possibilities of coming up with legislation that are deliberately targeted at enhancing the arbitral processes within the Nigerian state,” he said.

More so, the AGF maintained that Nigeria had what was required to become a hub of arbitration.

He also assured that those indicted in the matter would face the court of law.

“Within the context of the National Arbitration Policy, it is our intention to look at the possibility of localising and domiciling the arbitration process in respect of contracts that have larger local components.

“Arising from the investigation that was generated locally and internationally, it became clear and manifest that there are local compromises.

He added: “It is only logical that when you are committing a nation to a contract that has major economic dimension and implication, due diligence must effectively be done.

“We are taking steps locally to ensure consequences for wrong doing arising and associated with P&ID.

“The possibility of multiple and uncountable heads rolling is there.”