9.6bn contract scam: P&ID pleads guilty to all 11 charges

he suspects arraigned by the EFCC over their alleged involvement in the Process and Industrial Development Limited

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The suspects arraigned by the EFCC over their alleged involvement in the Process and Industrial Development Limited (P&ID) deal have pled guilty to all 11 charges - Among other charges, the P&ID’s representative reportedly pled guilty to intent to defraud by obtaining property from the Cross River State government - Investigations into the matter were started by the anti-graft commission, following the ruling by a British court that Nigeria owed the Irish firm about $9 billion for violating terms of the contract - The ruling has since been condemned by the federal government which said it suspects that various officials involved in the negotiations did so for monetary reasons The two suspects who were arraigned by the Economic Financial Crimes Commission (EFCC) over their alleged involvement in the Process and Industrial Development Limited (P&ID) deal have pled guilty to all 11 charges brought against them. 

The anti-graft commission arraigned the suspects at the Federal High Court, Abuja on Thursday, September 19, Channels reports. 

 From the infoamtion gathered , the only two individuals were, however, led to the dock at the proceedings which were presided over by Justice Inyang Ekwo. The prosecutor informed the court that 11 charges had been brought against the defendants who did not object as they were being read out. Among other charges, the P&ID’s representative reportedly pled guilty to intent to defraud by obtaining property from the Cross River State government. The defendants also reportedly pleaded guilty to a second count of obtaining land from the Cross River State government with the intent to defraud. According to Premium Times, investigations into the matter were started by the anti-graft commission, following the ruling by a British court that Nigeria owed the Irish firm about $9 billion for violating terms of the contract. The administration of late president Umaru Yar-Adua and the P&ID had signed the contract for gas supply and processing (GSPA). 

The federal government was to supply wet gas up to 400 million standard cubic feet per day, the company was build gas processing facilities around Calabar, Cross River state. However, the contract was reportedly designed to fail as key elements necessary for its success were absent.

After reviewing the contract, a three-member arbitration panel ruled against Nigeria, ordering the government to pay $6.6 billion to the firm as damages. Nigeria’s objection to the 2017 arbitration was also rejected by a British court in August 2019. With interest, the damages has now accumulated to about $9 billion (approximately N3.24 trillion), which is more than one-third of Nigeria’s 2019 budget. The ruling has since been condemned by the federal government which said it suspects that various officials involved in the negotiations did so for monetary reasons.

Recall that Legit.ng previously reported that the minister of justice, Abubakar Malami and the minister for state on petroleum resources, Timpriye Sylva, were to be summoned by the House of Representatives over the judgment issued against the federal government by a UK court following the controversial deal between Nigeria and P&ID. To review the verdict, the House set up an ad hoc committee that comprised 17 members headed by Honourable Sada Soli from Katsina state. NAIJ.com  to leedlist.com . 


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