Buhari asks EFCC, NIA to probe 2010 contract – TheNigerialawyer

…FG says Nigeria not losing asset to P&ID

President Muhammadu Buhari has directed the Economic and
Financial Crimes Commission, the National Intelligence Agency and
the Inspector General of Police to conduct a thorough investigation
into Process and Industrial Developments Ltd which was recently
asked by a UK court to seize $9.6 bn dollars in Nigerian
assets.

The Minister of Information and Culture, Lai Mohammed, disclosed
this at a press conference in Abuja on Tuesday.

Mohammed said the decision was based on the fact that the
Federal Government suspected foul play in the contract which was
negotiated and signed in 2010.

He said, “We want to place on record that the Federal Government
views with serious concerns the underhanded manner in which the
contract was negotiated and signed.

“Indications are that the whole process was carried out by some
vested interests in the past administration, which apparently
colluded with their local and international conspirators to inflict
grave economic injury on Nigeria and its people.

“In view of the above, and in an attempt to unravel the
circumstances surrounding the entire transaction, the
Honourable
Attorney General of the Federation, with the approval of Mr
President, has requested the Economic and Financial Crimes
Commission, the National Intelligence Agency and the Inspector
General of Police to conduct a thorough investigation into the
company, the circumstances surrounding the agreement and the
subsequent event, which includes commencing a full-scale criminal
investigation.”

Mohammed, however, said despite the court judgement, Nigeria was
not about to lose any of its assets.

He added, “Despite the recent recognition of the award by a UK
court, and contrary to some reports, Nigeria is not about to lose
any of its assets to P&ID. There is no imminent threat to
Nigeria’s assets!

“In the first instance, the enforcement of the award cannot even
commence now because the judge in the UK court ordered that the
P&ID cannot enforce the judgment against Nigeria until after
the court resumes from its current vacation.

“What this means is that enforcement action cannot begin until a
further hearing on the matter, which will take place on a date to
be determined by the court upon its resumption.

“The Federal Government, therefore, wishes to use this
opportunity to assure Nigerians that there is no immediate threat
to Nigeria’s assets as has been wrongly interpreted by a section of
the media.

“Nigerians should be assured that the Federal Government is
taking all necessary steps to appeal the decision of the UK Court,
to seek for a Stay of Execution of the decision, to defend its
rights and to protect the assets of the people of the Federal
Republic of
Nigeria.”

Mohammed was joined at the press conference by the Attorney
General of the Federation, Abubakar Malami (SAN); Minister of
Finance, Budget and National Planning, Zainab Ahmed; and the
Governor of Central Bank of Nigeria, Godwin Emefiele.

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