News
FG Rejects $9.6bn Debt Judgement, Links Contract To Yar’Adua’s Govt
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
Nigeria Exceeds OPEC Quota As Production Hits 11-month High
Nigeria’s crude oil production has surged to an 11-month high in May, 2026, with the country exceeding its Organisation of the Petroleum Exporting Countries (OPEC) production quota.
The average crude oil production recorded during the month of May represents 102 per cent of Nigeria’s 1.5mbpd of production quota allocated by the OPEC.
The production report released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), yesterday, disclosed that Nigeria’s oil production averages 1,530,354 barrels of crude oil and 170,446 barrels of condensates per day (bpd).
According to the report, this brings the total combined production to 1, 700, 800 barrels per day and consolidating Nigeria’s position as Africa’s largest oil producer.
The report said the production performance during the review period remained robust, with combined crude oil and condensate output ranging between a low of 1.51 million bpd and a peak of 1.86 million bpd.
It said the May 2026 production figures represented the highest recorded by Nigeria since July 2025, when output surged to 1,712,282.
“In strict crude oil terms (excluding condensates), the 1.53 million barrels recorded in May 2026 represents the highest Nigeria has witnessed since January 2025 when crude oil production hit 1.538mbpd.
“The latest crude oil production statistics thus represents a 15-month high on a month on month basis, production rose by 2.77 per cent in May 2026 as against 1.48mbpd in April,” it said.
The report said the broader production trend over the last five months had also remained positive.
It said combined crude oil and condensate output increased from 1.48 million bpd in February to 1.54 million bpd in March, 1.66 million bpd in April, and then 1.7 million bpd in May, underscoring sustained growth in Nigeria’s hydrocarbon production levels.
According to the report, among production streams, Bonny Terminal led the pack with a total blend of 293,870 bpd, closely followed by Forcados Terminal at 289,900 bpd, Qua Iboe ranked third with 173,360 bpd, while Escravos Oil Terminal contributed 135,470 bpd.
It said the Odudu (Amenam Blend) completed the top five production streams, accounting for 63,250 bpd during the month under review.
The NUPRC attributes the rise in production to a sustained positive momentum as operations remained stable throughout the reporting period with no significant pipeline or facility outages recorded.
Additionally, all previously scheduled turnaround maintenance activities had been successfully completed, contributing to improved operational reliability and production efficiency.
News
Reps Pass State Police Bill
The House of Representatives, yesterday passed a landmark constitutional amendment bill to establish state police nationwide, marking a significant milestone in Nigeria’s decades-long debate over decentralising policing and strengthening internal security.
The bill, titled “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to Provide for the Establishment of State Police and for Related Matters (Sixth Alteration) Bill, 2026,” was approved during consideration at the Committee of the Whole, presided over by Speaker of the House, Rt. Hon. Tajudeen Abbas.
Voting commenced after the Deputy Speaker and Chairman of the House Committee on Constitution Review, Hon. Benjamin Kalu, presented the report on the proposal and canvassed support from lawmakers, stressing the need for a more decentralised policing framework to effectively address the country’s growing security challenges.
The exercise was conducted manually, with members raising their hands to indicate their positions. At the end of the voting, 289 lawmakers voted in support of the bill, one member abstained, while none voted against it, reflecting overwhelming bipartisan backing for the far-reaching reform.
The proposed amendment seeks to fundamentally restructure Nigeria’s policing architecture by creating both Federal and State Police formations.
One of the bill’s key provisions amends Section 214 of the 1999 Constitution to formally establish the Federal Police and the State Police. Under the proposal, the National Assembly would be empowered to prescribe the structure, organisation, administration and powers of the Federal Police, while also providing the legal framework and minimum standards for the establishment and operation of state police services.
The bill stipulates that no state police formation shall commence operations unless it is established by a law enacted by the relevant State House of Assembly and certified as complying with national minimum standards prescribed by an Act of the National Assembly.
It further provides that until a state police force becomes operational, the Federal Police shall continue to exercise policing powers and responsibilities within such states.
In a bid to preserve the autonomy of state police formations and prevent undue federal interference, the bill limits federal intervention in states’ internal security affairs. Under the proposal, the Federal Police may intervene only where there is a complete breakdown of law and order, upon the request of a governor or where a state police force becomes unable to function due to administrative, financial or other operational challenges.
The amendment also proposes significant changes to the police’s appointment and command structure.
Under the amended Section 215 of the Constitution, the Inspector-General of Police would be appointed by the President on the advice of the Nigeria Police Council from among serving members of the Federal Police, subject to confirmation by the National Assembly.
Similarly, a State Commissioner of Police would be appointed by a governor on the advice of the Nigeria Police Council from among serving officers of the State Police, subject to confirmation by the respective State House of Assembly.
The bill empowers governors to issue lawful directives to State Commissioners of Police on matters relating to public safety and the maintenance of law and order. However, where a commissioner considers such directives unlawful or inconsistent with accepted policing standards, the matter may be referred to the Nigeria Police Council, whose decision shall be final.
The proposal also amends Section 84 of the Constitution by replacing references to the “National Police Council and the Federal Police Service Commission” with the “Nigeria Police Council and the Police Service Commission.”
The passage of the bill by the House represents one of the most far-reaching security reforms contemplated since the return to democratic rule in 1999 and is expected to rekindle nationwide debate on issues relating to funding, accountability, operational control and safeguards against abuse.
With the House’s approval, the constitutional amendment bill will now proceed to the Senate for concurrence. Thereafter, it must secure the endorsement of at least two-thirds of the State Houses of Assembly and receive presidential assent before becoming part of the Constitution of the Federal Republic of Nigeria.
If eventually enacted, the legislation would usher in a new era of multi-layered policing in Nigeria and could redefine the country’s approach to tackling banditry, terrorism, kidnapping and other forms of violent crimes through a more localised security architecture.
News
FG Declares Today Public Holiday To Mark Democracy Day
The Federal Government has declared today, public holiday to commemorate Nigeria’s 27 years of unbroken democratic rule.
This is contained in a statement in Abuja, by the Permanent Secretary, Ministry of Interior, Magdalene Ajani.
Ajani said that the Minister of Interior, Dr Olubunmi Tunji-Ojo, made the declaration on behalf of the federal government.
Tunji-Ojo reaffirmed the federal government’s commitment to the preservation of democratic ideals, rule of law, transparency, accountability and inclusive governance.
He assured that the ministry in collaboration with relevant security agencies woulsd continue to take appropriate measures in maintaining and strengthening Nigeria’s internal security.
The minister noted that a secured and stable environment was essential to democracy and national development.
He urged Nigerians to see the holiday as an opportunity for civic reflection.
“As we mark this historic day, every Nigerian is encouraged to remain law-abiding, uphold the institutions that sustain our democracy, and remember that the strength of any democracy lies ultimately in the character of its citizens,” he said.
He also said that June 12 every year remained a significant day in Nigeria’s history in honour of the courage, resilience and sacrifices of Nigerians whose efforts made democratic governance possible.
“Their legacies continue to inform the values and responsibilities of the Nigerian state,”Tunji-Ojo added.
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