News

FG Rejects $9.6bn Debt Judgement, Links Contract To Yar’Adua’s Govt

Published

7 years ago

August 28, 2019

The Federal Government has linked the contract which led to a judgement debt of $9.6billion (approximately N3.5trillion) to the administration of ex-President Umaru Musa Yar’Adua.
It also protested against the award of the judgment debt, and claimed that it cannot stand.
The government also said that President Muhammadu Buhari has ordered the Economic and Financial Crimes Commission (EFCC), the National Intelligence Agency (NIA) and the Inspector-General of Police to probe the criminal conspiracy behind the failed contract.
The government alleged that the contractor; Process and Industrial Developments Ltd (P&ID) did not execute the contract, and therefore, was not entitled to any such payment.
The government made the clarifications at a joint briefing in Abuja by the Minister of Information and Culture, Alhaji Lai Mohammed alongside the Minister of Justice, Abubakar Malami (SAN), the Minister of Finance, Zainab Ahmed and the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, yesterday.
Mohammed said: “We have invited you here today to brief you on the recent judgement of a UK Court authorizing Process and Industrial Developments Ltd (P&ID) to seize $9.6billion in Nigerian assets, over a contract entered into by the company and the Ministry of Petroleum Resources in 2010.
“We will quickly run you through the issues at stake as well as what the Nigerian government is doing to stave off any seizure of its assets. We do hope that by the time we conclude this briefing, the media would have been better informed on the whole issue, hence will be better placed to inform Nigerians and clear the misrepresentations in certain circles.
“The judgement that was delivered on Friday, August 16, 2019, is fallout of the contract purportedly entered into in 2010 between the Federal Ministry of Petroleum Resources and P&ID. Please, note that in the 20-year Gas Supply Processing Agreement (GSPA) purportedly entered into with the P&ID in 2010, the company never performed as agreed.”
Malami said “the contract was designed ab initio to fail.
“We are investigating the criminal conspiracy”.
The Minister of Finance, Mrs. Ahmed said, “This judgment cannot stand. It is about N3.5trillion, which is the size of our national budget.”
The CBN governor said P&ID “did not invest one cent into this country and challenged the firm to show proof.”
It would be recalled that an Irish-owned firm, Process and Industrial Developments Ltd (P&ID) was granted court permission to seize up to $9billion (£7.4billion) in assets belonging to the Nigerian government.
Last week, Mr Justice Christopher John Butcher of the British Commercial Court had said that the firm could take 20 per cent of Nigeria’s foreign reserves, a move that would deal a devastating blow to the Nigerian economy.
According to reports, in 2010, the company struck a deal in which the Nigerian government would supply gas to a processing plant in Calabar, built and run by P&ID, formed by two Irish businessmen.
The government failed to fulfill its side of the agreement.
However, in 2013, P&ID won a $6.6billion arbitration case.
The figure was calculated based on what the company was estimated to have earned over the course of the 20-year agreement.
But P&ID now says interest accrued means it is owed $9billion.
The court’s decision means that the arbitration has been converted into a legal judgement, allowing P&ID to attempt a seizure of the assets.
Lawyers representing the Nigerian government argued the award should not be enforced because England was not the correct place for the case, and even if it were, the amount awarded was “manifestly excessive.”
Justice Butcher rejected these arguments, and said he would “receive submissions from the parties as to the precise form of order appropriate.”
“P&ID is committed to vigorously enforcing its rights, and we intend to begin the process of seizing Nigerian assets in order to satisfy this award as soon as possible,” said Andrew Stafford, Q.C. of Kobre & Kim, which represents P&ID.
In 2012, P&ID took the government to arbitration over the failure of the deal and won the award, which was based on what it could have earned during the 20-year agreement.
Stafford said that with accrued interest, the award now tops $9.6 billion.
Legal experts say that assets used for diplomatic purposes – such as the Nigerian High Commission building in central London – are not eligible for seizure, but commercial assets are.

News

RSG To Shut Down Unapproved Private schools, Next Week

Published

6 hours ago

June 12, 2026

The Tide

The Rivers State Ministry of Education has announced a statewide enforcement exercise to close all unapproved private schools operating across the state. The exercise will commence on Monday, June 15, 2026.

This was contained in public notice signed by the Commissioner for Education, Dr. Peters Nwagor. The Ministry said the action is part of efforts to strengthen quality assurance and enforce regulatory compliance in the education sector in line with the State’s Private Schools Law.

Dr. Nwagor stated that all private schools operating without registration and official approval from the Ministry, as well as those failing to meet required educational standards will be shut down.

The Commissioner explained that the exercise is intended to guarantee that children in Rivers State receive education in safe and conducive facilities that meet government standards.

He directed all approved private schools with outstanding annual renewal fees to settle their arrears immediately and warned that only schools with valid approval certificates and up-to-date payment records will be allowed to continue operations.

“School proprietors seeking further information have been advised to visit the State Quality Assurance Services, SEQAS, Office at Government Girls’ Secondary School, GGSS, Rumuokwuta, Port Harcourt, or contact the Director of SEQAS, Dr. Chinedu Wordu.”

The Ministry assured residents that the enforcement exercise is part of the Rivers State Government’s ongoing commitment to improve education quality and uphold best practices in school administration across the state.

Akujobi Amadi

News

N210trillion NNPCL: Senate Disowns Resolution On Warrant of Arrest Against Kyari

Published

7 hours ago

June 12, 2026

The Tide

The Senate yesterday had another spectacular session as it boldly disassociated itself from Warrant of Arrest issued by its committee on Public Accounts against the former Group Chief Executive Officer ( GCEO) of the Nigerian National Petroleum Company ( NNPCL) , Mele Kyari .

The upper chamber also distanced itself from the words of the Senator representing Edo North, Senator Adams Oshiomhole, who at the investigative hearing of the Senate Committee on Public Accounts with the Management of NNPCL refered to former officials of the Company as “bunch of criminals and thieves.”

The Senate in this action said the Committee failed to folllow Senate procedures as no Committee of the Senate has the mandate to proclaim or issue Warrant of Arrest on anybody under investigation without initial endorsement of the President of the Senate .

Barely 24 hours earlier, the Public Accounts Committee chaired by Senator Ibrahim Dankwabo, had in continuation of investigation on queries raised against NNPCL by the office of Auditor General of the Federation as contained in audit reports of 2017 to 2023, had session with former top management of the National oil company where Oshiomhole as member, made negative comments on it and the committee resolved to issue arrest warrant against Kyari.

The Senate Committee ‘s resolution attracted the wrath of leadership of the Senate and was nullified following a motion moved to that effect by Leader of the Senate , Senator Opeyemi Bamidele.

The Senate leader who at the plenary raised the motion through point of order on urgent national importance , noted the urgent need to preserve the institutional authority of the Senate, ensure compliance with the Legislative House’s Powers and Privileges Act, and safeguard the principles of fair hearing, due process, and parliamentary impartiality in legislative oversight proceedings.

“While the Senate possesses extensive investigative and oversight powers, such powers must be exercised in a manner that does not create the appearance of bias, prejudice, prejudgment, or predetermined conclusions regarding any person or institution under investigation”, he said .

He pointedly told the Senate that the Warrant of Arrest issued against Kyari was in contradiction with legislative procedures and cannot stand .

He condemned the labeling of the NNPCL.as bunch of criminals and thrives .

“Such procedural irregularities may expose Senate proceedings to avoidable legal challenges and diminish public confidence in the institution.

“Senate is also concerned that statements suggesting the guilt of criminal culpability of any person or institution before the condition of investigations may prejudice proceedings and create the impression that conclusions have already been reached.

“Therefore Senate must at all times, uphold the constitutional principles of due process, fair hearing, parliamentary neutrality, and the rule of law in the discharge of its oversight responsibilities”, he stressed.

Bamidele’s submissions were strongly supported by the Deputy President of the Senate , Barau Jibrin, the Whip of the Senate , Tahir Monguno , Senator Adamu Aliero who described Oshiomhole’s comments as reckless and Senator Orji Uzor Kalu who moved that Oshiomhole should be told to withdraw the comment.

However, Senator Oshiomhole in his response said the Committee resolution was not taken without recognition of the Senate Leadership’s role , which he said was to be tabled to the Senate Leadership and ratified by the Senate at plenary.

He said he made the disparaging comment on NNPC under extreme provocation triggered by equally disparaging comments made against the Senate and Senators by the former Chief Financial Officer of NNPCL , Alhaji Umar Ajiya during the investigative session .

The Senate went ahead to approve the prayers of the motion disassociating itself from Senator Adams Oshiomhole ‘s statement and cancelled the daud Warrant of Arrest on former GCEO of NNPC,.

The upper chamber urged all committees and members of the Senate to exercise restraint in public statements relating to ongoing investigations.

Nneka Amaechi-Nnadi

News

NDLEA Arrests Four Notorious Female Drug Dealers In Four States

Published

4 days ago

June 8, 2026

The Tide

The National Drug Law Enforcement Agency (NDLEA) has arrested four notorious female drug dealers in Edo, Imo, Kano, and Gombe states.

The Director of Media and Advocacy, NDLEA, Mr Femi Babafemi, made this known in a statement in Abuja, yesterday.

Giving a breakdown, Babafemi said that in Edo, an intense sweep of notorious drug hotspots within Benin City by NDLEA operatives on June 2 led to the arrest of four key traffickers, including three females.

“At Uyosa, Benin City, two female suspects were nabbed with a cocktail of illicit substances, including 176 grams of skunk, 65g of Loud, and 5 grams of Methamphetamine.

“Along Agbor road in Benin City, another female suspect, 21-year-old Anita Abraham, was apprehended with 95 grams of Scottish Loud and 329 grams of regular Loud.

“At Upper Mission, Benin City, a male suspect was arrested with a diverse cache of psychotropic substances consisting of Loud, Colorado, Swinol, and Methamphetamine.

“A swift operation by operatives in Kano State on Thursday, June 4, led to the arrest of a 19-year-old suspect, Saifullahi Lawan at the Kafi area of Madobi, with 40 blocks of skunk weighing a total of 38 kilograms,” NDLEA said.

In a related development, Babafemi said, operatives in Gombe state intercepted a 28-year-old suspect on June 1 near Dantiti Plaza in the Tumfure area of Gombe.

“The suspect was caught with 15,000 capsules of tramadol,” he said.

He said the War Against Drug Abuse (WADA) social advocacy activities by NDLEA Commands and formations equally continued across the country in the past week.

Reacting to the string of successful operations, the NDLEA Chairman, retired, Brig.-Gen. Buba Marwa commended the officers, men and women of the Imo, Edo, Kano, and Gombe commands for their resilience and vigilance.

Marwa also praised their counterparts in all the commands across the country for pursuing a fair balance between their drug supply reduction and drug demand reduction efforts.

He re-emphasised that the agency remains fully committed to dismantling drug supply chains and would continue to target traffickers regardless of age, gender, or concealment methods.