P&ID: Fed Govt Probes Six Other Suspicious Petroleum Deals

• How Irish firm lost out bid to get $9.6b, by Malami
• AGF: We are weighing options on $200m security deposit

SIX suspicious deals allegedly entered into by the Ministry of
Petroleum Resources are now being probed by the federal government
to avert a repeat of the Process and Industrial Developments
(P&ID) saga, The Nation report.

Nigeria is currently in court in the United Kingdom (UK) with
P&ID to reverse the award of a $9.6billion debt judgement in
favour of the Irish firm.

The six suspicious agreements are awaiting arbitration,
according to sources.

Moments after returning to Nigeria from UK where he was part of
the FG team fighting the P&ID debt judgement, Attorney-General
of the Federation and Justice Minister Abubakar Malami (SAN), on
Saturday gave an insight into how P&ID lost its bid to enforce
the payment of the $9.6billion judgment against Nigeria.

Malami said government was still weighing options on the payment
of $200million security deposit as a precondition for a stay of
execution of the $9.6billion.

One of the options borders on whether or not to go to the Court
of Appeal to contest the order on the $200million.

Responding to enquiries on Saturday, Malami described the UK
trip as successful.

He said: “The outing was a sign of success since the legal team
was able to convince the court to halt the execution of the
judgment (payment of the $9.6 billion to P&ID) and also secure
its nod to proceed on appeal against the award.

Read Also: Buhari’s team divided over P&ID
“The Commercial court allows a procedure by which a party praying
for an order has the order drafted in the terms it requires the
court to have it drafted.

“In this case, the draft prepared by P&ID contains a
provision for £250,000 legal cost and the order drafted for leave
to enforce the judgment, which was considered by the court was part
of it.

“It is from the drafted order that the order for enforcement of
the judgment was considered and refused while the order as to cost,
which was incidental order, was not contested.

“The implication is that the order for cost stands granted while
the order for enforcement stands refused and the stay of execution
was in effect granted on the terms relating to the payment of
security deposit of $200 million.”

Notwithstanding, Malami said the Federal Government is weighing
options on the $200million security deposit demanded by the court
as a condition for granting the stay of execution.

He added: “Raising the $200m is not exclusive option at our
disposal. We are studying the ruling and all other available legal
and judicial options open to exploit.”

The Nation gathered that the Economic and Financial Crimes
Commission (EFCC) and other agencies are looking into six other
agreements awaiting arbitration.

“The government wants to review these agreements in order to
look at the circumstances behind such deals to avert more problems
for Nigeria at the arbitration table,” a source familiar with the
development said.

Details were not given.

The UK Court on Thursday ordered a stay of execution of the
$9.6billion damages secured against Nigeria by P&ID pending the
determination of an appeal by the Federal Government.

It however asked the government to make a security payment of
$200million to the court within 60 days

The court also granted Nigeria’s leave to file an appeal against
the award.

But the court upheld the award and refused to reverse the
damages.

Malami however said the battle to quash the award has shifted to
the UK Court of Appeal.

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