The Economic and Financial Crimes Commission (EFCC) has commended the dismissal of the $11.5 billion judgment against Nigeria in the P&ID case. The judgment had been awarded to Process & Industrial Developments Ltd (P&ID) over a failed 2010 deal to establish a gas processing plant in the country.
The ruling came from UK Judge Robin Knowles of the Business and Property Court in London, who deemed the award as obtained through fraudulent means and against public policy. This decision marked a significant victory for Nigeria in a long-standing legal battle.
P&ID had initially claimed that Nigeria violated the terms of their agreement by failing to provide the required gas for the power plant they were meant to build. This alleged breach resulted in a $6.6 billion award against Nigeria in 2017, which had since accrued interest, reaching $11.5 billion.
The case took a new turn when evidence of suspicious bank transfers was discovered by the EFCC. These transfers, totaling $20,000, were made by Dublin-based Industrial Consultants (International) Ltd., a part of the P&ID group, to Grace Taiga, a Nigerian government lawyer involved in awarding the gas plant contract. These transfers were purported to be for "medical costs."
Following the discovery of these transactions, Nigeria filed fraud charges against P&ID, accusing the company of orchestrating a scam. P&ID has not responded to these charges.
The EFCC maintained that P&ID had not demonstrated the legitimacy of their contract and had failed to prove their capacity to execute the complex project. The judgment was considered a significant sum, far beyond Nigeria's capacity to pay.
The ruling has not only cleared Nigeria of the hefty financial liability but also averted potential asset seizures. This case has revealed the importance of a thorough investigation and legal diligence, safeguarding Nigeria's interests and international assets.
Additionally, two British nationals, James Richard Nolan and Adam Quinn, are currently on trial for their alleged involvement in the P&ID gas processing contract and the subsequent $9.6 billion arbitral award to P&ID by a UK commercial court. Their trial is ongoing, as they face charges related to money laundering and their complicity in the controversial contract.
