The Federal Government is almost overturning the US$9.6 billion judgements awarded as damaged in favour of Process and Industrial Development Limited (P&ID) by the United Kingdom (UK) Court. Justice Butcher, the Presiding Judge of the UK Court while delivering the judgement on November 28, 2019, posited that he has accepted the Federal Republic of Nigeria Application in its case against P&ID to stay execution of the enforcement order it had granted earlier to P&ID.
Accordingly, a series of fraud was recently discovered while a detailed investigation was launched into the case, this has brought into disrepute the veracity and legitimacy of the Gas Supply and Processing Agreement (GSPA) and its subsequent award.
The UK Court had on Friday Nov. 22nd throw away the application of the Nigerian Government plea for extension of time to meet up with the deposit of the earlier agreed $200 million conditions, however, indicated interest to accept a “satisfactory bank guarantee” as pleaded by the federal government towards the end of the hearing on Friday, Nov. 22, 2019.
Accordingly, while an application for variation of the hearing was granted an extension until 26th from Nov. 25, and later 28th November when the stay of execution was finally granted. Until the hearing of the appeal filed by Nigeria govt at the UK Appeal Court against the enforcement of the award of a fraudulent GSPA purported agreement signed by the Ministry of petroleum during the tenure of now a deceased, Rilwanu Lukman and P&ID.
The Nigerian government has insisted that it must fight to a logical conclusion the validity and the legality of the GSPA both home and abroad where it is still in contention whether Nigeria is still the seat of the arbitration.
Meanwhile, since the legality of the P&ID is still under scrutiny for corruption, the government explained that no payment should be due for them.
The UK Court has maintained that its dateline must be maintained to secure a bank guarantee in favour of Nigeria.