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

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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.

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NDLEA Seizes Cocaine Hidden In Dry Fish, Arrests Grandpa With Meth

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The National Drug Law Enforcement Agency (NDLEA) has intercepted a large consignment of cocaine concealed in heads of imported dry stock fish and arrested a key member of the syndicate responsible for shipping the drugs abroad.

The agency disclosed this in a statement issued yesterday by its Director of Media and Advocacy, Femi Babafemi.

He said the arrest and seizure followed intelligence on trans-border criminal activities.

Babafemi said the intelligence led to a sting operation by operatives of the Murtala Muhammed International Airport Strategic Command of the Agency at the Ojo area of Lagos on Thursday, March 19, 2026.

“In the course of the operation, three jumbo size bags were found in possession of the kingpin 36-year-old Akputa Dickson Ejike.

“A search of the bags led to the recovery of Two Hundred and Thirty-Seven (237) wraps of cocaine buried in the heads of imported dry stock fish locally known as ‘Okporoko.’

“The cocaine pellets have a gross weight of 5.80 kilograms. The consignment was intended for export to Delhi, India,” the statement read.

In a separate operation on Wednesday, March 25, NDLEA operatives from the Directorate of Operations and General Investigation (DOGI) intercepted two consignments bound for the United Kingdom at a courier company in Lagos.

“In one of the shipments that originated from Cotonou, Benin Republic, 1.9 kilograms of methamphetamine were found concealed in automobile filters while the second parcel contains 40 ampoules of Morphine Sulphate and nine ampoules of Fentanyl,” the statement said.

Babafemi added that on March 26, a Special Operations Unit (SOU) raided the home of 46-year-old Omolade Abigail Jolayemi, known as “Iya Ghana,” at 13 Carter Street, Yaba, Lagos.

According to him, she and her associate, 31-year-old Sarah Zainab Agbabiaka, were arrested after operatives recovered 135 blocks of cannabis weighing 76.30 kilograms.

“Same day, the SOU operatives also arrested Anayo Lucky Ohabiro, 39, at Doyin bus stop, Surulere, Lagos following credible intelligence. A total of 78 blocks of Ghana Loud weighing 41kg were seized from him,” he said.

In Ekiti State, the statement added that “an 80-year-old grandpa, Oke Samuel, was on Thursday 26th March arrested by NDLEA operatives during a special raid operation at Mosafuneto camp, Erinmo road, Efon-Alaaye Ekiti. A total of 2.2kg skunk and 1.8grams of methamphetamine were recovered from him.”

Another suspect, 37-year-old Enuwa Kehinde Kingsley, had 894.72 kilograms of skunk seized from an uncompleted building in Ogbese, Akure North, Ondo State.

Elsewhere, 35-year-old Saater Nyam was apprehended at Pevi village, Guma LGA, Benue State, with 116.7 kilograms of skunk on Tuesday, March 24.

In Edo State, a warehouse raid in Ekpoma town, Esan West LGA, on Monday, March 23, led to the arrest of 25-year-old Felix Donald and the seizure of 576.5 kilograms of skunk and 33 bottles of codeine-based syrup.

In Taraba State, Babafemi said NDLEA officers intercepted a truck carrying 100 blocks of compressed skunk weighing 135 kilograms concealed in animal feed bags from Garbachede to Gombe State on Tuesday, March 24.

Two suspects, 21-year-old Osama Mamuda and 22-year-old Auwal Umar, were arrested in connection with the seizure.

Babafemi noted that the agency has also continued its War Against Drug Abuse social advocacy, conducting sensitisation lectures in schools across Cross River, Adamawa, Oyo, Kano, and Lagos states.

Chairman and Chief Executive Officer of NDLEA, Brig. Gen. Mohammed Marwa (Rtd), commended operatives from MMIA, SOU, DOGI, Ekiti, Ondo, Benue, Edo, and Taraba Commands for their efforts and praised all commands nationwide for balancing drug supply reduction with drug demand reduction initiatives.

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Palm Sunday: CAN Decries economic hardship

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The Christian Association of Nigeria has called on political leaders at all levels to demonstrate empathy and take urgent steps to ease the growing economic hardship facing Nigerians, as Christians mark Palm Sunday.

In a statement issued on Sunday, CAN President, Archbishop Daniel Okoh, said the significance of Palm Sunday offers timely lessons for leadership, particularly during a period marked by economic strain and global uncertainty.

Reflecting on the biblical account of Jesus’ entry into Jerusalem, Okoh noted that the moment symbolised humility, peace, and purposeful leadership rather than a display of power.

“Jesus entered Jerusalem with calm resolve at a time of uncertainty and expectation. It was not a show of force, but a message of peace, purpose, and hope,” he said.

He stressed that the country’s current socio-economic realities demand similar qualities from those in authority.

“Across Nigeria, many are feeling the weight of the times. The cost of living is rising, and for countless families, daily life is getting harder,” Okoh said.

He linked domestic economic challenges to global developments, particularly tensions involving Iran, Israel, and the United States, which he said are disrupting energy markets worldwide.

“The impact is already here. Fuel is more expensive. Transport costs are rising. Food prices are climbing,” he said, warning that such pressures are intensifying the hardship faced by ordinary citizens.

The CAN president emphasised that in times of uncertainty, the tone and actions of leaders are critical in restoring public confidence.

“For many Nigerians, the concern is simple and immediate: how to cope, how to plan, how to stay afloat. When life feels this uncertain, people need reassurance, stability, and the quiet confidence that those in positions of responsibility understand what they are going through,” he stated.

He further urged leaders to embrace a style of governance rooted in restraint, compassion, and commitment to the common good.

“True leadership is not always loud. It is seen in empathy and in decisions that ease burdens, calm anxieties, and bring people together. This is a time for such wisdom,” Okoh added.

Beyond government, CAN also called on the Church and citizens to promote unity and peace, drawing inspiration from the collective spirit associated with Palm Sunday.

“It reminds us of a moment when people from all walks of life came together with one purpose. That same spirit is needed now. We must stand for peace, strengthen unity, and support one another,” he said.

Addressing young Nigerians and those most affected by the economic downturn, Okoh encouraged resilience and hope.

“The challenges are real, but they are not the end of the story,” he said, urging citizens not to lose faith amid difficulties.

He expressed hope that the lessons of Palm Sunday would inspire renewed commitment to national cohesion and shared progress.

“As we journey through this sacred season, may the spirit of Palm Sunday guide us towards quiet courage, shared purpose, and a renewed commitment to the good of all,” the statement added.

 

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Fubara Tasks APC Zonal Leadership On  Unity

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Rivers State Governor, Sir Siminalayi Fubara, has charged the  leadership of the All Progressives Congress (APC) in the South -South to be united and work together to ensure that the ruling party achieves its ultimate goal in the region.

The governor who spoke at the South South Zonal  Congress in Asaba, Delta State, said working in unity and with a common purpose will enable them  deliver optimally to the electoral fortunes of the party in 2027.

“We can only achieve our goal when we are united and we work together. I  surely believe that this is the right time, the right people and the right place. My charge to those of you elected today is that the responsibility is going to be very tasking but I believe strongly that they will deliver for our party,” he said.

Fubara expressed confidence that the newly elected leadership of the party  would be  equal to the task.

He expressed profound gratitude to the Delta State Government for hosting the Zonal Delegates Congress, stressing that he believes that the best will come from the South South  region.

The Congress which attracted the creme de  la creme of the APC in the  zone, saw the re-election of the zonal leadership through consensus. The reinstated  leaders were promptly inaugurated at the ceremony.

Some of the dignitaries in attendance include the President of the Senate, Senator Godswill Akpabio, Governors Siminalayi Fubara of Rivers State, Duoye Doris  of Bayelsa State, Monday Okpebholo of Edo State, Umo Eno of Akwa Ibom State, Bassey Otu of Cross River State and Sheriff Oboroevwori of Delta State.

Also in attendance were the members of the National Assembly  as well as members of the State Houses of Assembly from the South South Zone.

 

 

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