News

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

Published

6 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

Association Seeks Government Intervention in Desilting of Canal

Published

13 hours ago

December 8, 2025

The Tide

The Rumuokania 2 New layout Landlords Association in the Obio/Akpor local government area of Rivers State is seeking the intervention of the Rivers State Government in the desilting of the canal which transverses several communities including Mgbaraja,Ogbogoro,Egbule,Elioparanwo,Ozuoba and other communities in the area.

The Association which said this at a media briefing in Port Harcourt also lauded Governor Siminalayi Fubara for the construction of the Rumuoke/pipeline internal roads.

The landlords said the canal impede the free flow of water from the affected communities thereby causing severe flooding whenever it rains in the area.

The Association also commended the governor for the ongoing construction and rehabilitation of road across the state, adding, the gesture has not only rekindled hope of Rivers people for a better tomorrow,but has bought prosperity across communities in the state.

According to a Press release made available to news men during the briefing,”We are gathered here today to express immense appreciation to His Excellency, the Governor of Rivers State,Sir Fubara, GSSRS,for the construction of the Rumuoke/pipeline Internal roads.

“We also wish to use this medium to request the desilting of the Canal transversing the area and the construction of adjoining roads to the area.

“We acknowledge with profound gratitude the transformative governance going on in Rivers State under the purposely and impactful leadership of Governor Fubara.

“The visible impact of his administration across all sectors, particularly the rehabilitation and construction of new roads,has rekindled hope among the people and brought prosperity to our communities”The Association said.

The landlords particularly praised the Governor for the successful completion of the Rumuoke Road from Okilton junction off Ada George Road to Road 9-2nd & 3rd Avenue, Road 10-2nd Avenue and 3rd Avenue, and Pipeline Road upto the canal, expertly executed by Monier Construction Company (MCC).

They noted that,prior to the intervention of the Governor,the road was in an extremely deplorable state, impassable, and prone to flash floods whenever it rains.

“Most houses and business premises were often flooded as people could hardly leave or access the area,while economic activities were completely paralyzed.

“The newly constructed internal roads have completely eased traffic in the area, boosted economic activities, and improved the quality of life of residents of Rumuokania and Rumuoke communities”

The release which was jointly signed by pastor Joel Gbandi, chairman of The Association and Lucky Ashley Atiegoba secretary,on behalf of the Landlords also expressed gratitude to the Governor for the construction of all internal roads in the area.

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It however drew the , attention of the Governor to an emerging issue which they said poses threat to the durability of this critical road infrastructure.

According to the landlords,”at the terminus of the newly constructed pipeline road, the adjoining canal is severely blocked, impeding the free flow of water .

“The canal serves as a vital waterway, traversing several communities, including Rumuokania, Mgbraja, Ogbogoro, Egbelu, Elioparanwo, Mini-Orlu, Rumue-vorlu, Rumuokwachi, Ozuoba, Iwofe, Rumuolumeni, Rumuepirikom, and Mini-kete, among other communities.

“This obstruction has caused water to back up onto the surface of the newly constructed road, leading to accelerated erosion and hazardous conditions for surrounding buildings, motorists, and pedestrians alike within RumuokaniaRumuoke communities.

“It is against this backdrop that we respectfully request the kind intervention of our dear Governor in this regard:

” We humbly request the desilting of the canal to restore proper drainage and prevent water overflowonto the newly constructed internal roads and flooding within the communities.

“. We also request the construction of adjoining roads to the area to provide alternative pathways and improve overall accessibility in the area.

“Addressing these germane concerns will not only safeguard the investment of the state government in road infrastructure in the area but will also mitigate flooding, enhance safety, and further elevate the living standards of residents of Rumuokania and Rumuoke communities”the landlords said.

By: John Bibor

News

Rivers Judges Begin Christmas Vacation Dec 23

Published

14 hours ago

December 8, 2025

The Tide

Judges of the High Courts of Rivers State will proceed on this year’s Christmas and New Year vacations on Tuesday, 23rd December 2025.

This was contained in a statement signed by the Registrar, State High Court, David Ihua-Maduenyi, on behalf of the Chief Judge of the State, Justice Chibuzor Amadi, and made available to newsmen over the weekend.

The statement stated that judges will commence the yuletide vacation from Tuesday, 23rd of December 2025, and resume on Monday, January 12, 2026.

According to the statement, the directive is in compliance with the provision of Order 49 Rule 4(C) of the High Court of Rivers State Civil Procedure Rule, 2023.

The statement added that during the period of the vacation, all judicial divisions of the High Court of the State shall remain closed, while a vacation judge shall be designated to entertain only urgent applications and matters filed during the vacation.

By: Akujobi Amadi

News

Govt-Approved Land Authority Emerges In Alesa To End Land Grabbing

Published

14 hours ago

December 8, 2025

The Tide

Land grabbing and crisis of fraudulent land sales may soon be a thing of the past as Rivers State begins experimenting the community land development committee system.

The experiment saw the light of day in Alesa Eleme where the Alesa Land Development Commiittee (ALDEC) was inaugurated last Friday by the paramount ruler of Alesa, Emperor J.D. Mkpe.

The Alesa community where the Port Harcourt refineries are situated has implemented the recommended formula with the strong support of the paramount ruler said to be a respected leader known for his commitment to peace, education, community development, and support for law enforcement, often advocating for better infrastructure and governance in his area.

Inaugurating the committee headed by a businessman, Mr. Emmanuel Olaka, the paramount ruler recounted the contributions of his community to economic development of the nation.

“Alesa is one of the 10 communities in Eleme and we are the first community in Nigeria that has refineries. The Port Harcourt Refinery (1&2) that has a lot of pipelines surrounding us. We have done a lot of contribution in making sure Nigeria stands great among all nations.

“We are made up of about 13 communities due to expansion. When I say 13 communities, Alesa is a community that has embraced other people. You can see here some people from the northern community. All the communities are here. That is why Alesa is known as a cosmopolitan community.

“Because we have got a lot of information about sale of land, and because we now have a situation whereby other persons will go into another person’s land and sell without the owner’s notice. We have also got information about minors who are not qualified to sell landed property, now selling land without letting their elders know.

“And that is why today, we are going to inaugurate a land development committee whose duty is to see into all these issues and bring up report about them. This will make both buyers and sellers feel very free in Alesa.

“We seize this opportunity to warn thus: if you sell any land to anybody without this committee’s knowledge or consent, you are doing it at your own risk. If you are buying any land from Alesa, this committee will know. By this, we will track those selling the land to you so that you don’t buy land from a wrong person. We also do not want you to buy land from an under-aged persons (children) who will sell land and run away.

According to him, we are also partnering with the Rivers State government on the project because those who buy land in Alesa with due process would be backed all the way to acquisition of certificate of occupancy (CofO).

“We are duly registered and we hereby show the world our certificate of registration and recognition. This is not a shabby arrangement. We have the registration and the authority which we have here as a body approved by the government to go into this development. This also is the registered constitution of the body.

“We will also make sure that whatever land you buy here, will be registered with the government of Rivers State through the office of the Surveyor-General and the Ministry of Land and that of Housing. This is to permanently stop land grabbers,

“We want you to buy and develop, not to keep for decades. Failure to develop your land after five years, the land will be forfeited to the government of Rivers State as a ‘waste land’ that you do not want to develop. So we are here not to maltreat any individual, we are not here to punish anyone, but to make sure your money is safe.

“We are optimistic that this strategy will work for us all. One of the greatest persons who has been able to identify with us is the Mayor of Housing. He has been friendly to us and to our aspirations.

Speaking immediately after the inauguration, the chairman of Alesa Land Development Committee, Mr. Emmanuel Olaka, vowed never to betray his community.

“I want to extend my sincere appreciation to the Alesa Council of Chiefs, the women, the youths, for nominating me to be the chairman of the Alesa Land Development Committee. I want to say this afternoon that I, Emmanuel Olaka, a bonafide son of Alaka, from Uwueke community, I will never disrespect this community. I will always do what is right, so that my God will always stand by me. I will not be biased.”

Also speaking, the Mayor of Housing, My-ACE China, who is behind the Alesa Sustainable Green Smart City, commended the community for leading the way and the war against land grabbing and land fraud.

He said the development would augur well for the green city being initiated in the area and other projects coming to Alesa.

He urged other communities in Rivers State and beyond to move fast and inaugurate such committees to put an end to land grabbing.