Connect with us

News

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

Published

on

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.

Continue Reading

News

Elder Statesman, Others Emerge PH Boat Club’s New Officials

Published

on

The Port Harcourt Boat Club 1947 has elected new officers to pilot its affairs.
An elder statesman and staunch supporter of Governor Siminalayi Fubara, Sir Kingsley Fubara Hart emerged the club’s Secretary.
Sir Hart’s emergence followed an election conducted by the electoral committee over the weekend which threw up new officials to pilot its affairs at its corporate headquarters in Port Harcourt.
The election which was adjudged one of the most credible, fairest and freest elections in the annals of the Port Harcourt Boat Club 1947, saw the emergence of Dan Harrison as Chairman.
Other members elected to run the activities of the body are Chief Coker Jimmy, Dr Oma Awoh, Chief Bib- Manuel Afonya, Dawari Dingo, Dango Kala- Otaji, Bara Alagoma and Dago George.
Recall that Port Harcourt Boat Club 1947 was founded by the former Military Governor of old Rivers State, King Alfred Diete-Spiff.
Many years after its inception, the club is still waxing strong with notable personalities as members.
Former Secretary to the Rivers State Government, Chief AbiyeSekibo is also a prominent member of the club.
The elected officials including Sir Kingsley Fubara Hart were subsequently sworn in, signalling a new chapter for the revered group of bigwigs in the oil- rich region.
With the likes of an elder statesman, Sir Kingsley Fubara Hart on board, the narrative has changed for Port Harcourt Boat Club 1947 as expectations are high.
The newly elected boat Secretary, Sir Fubara Hart promised to work assiduously with the chairman and other members to chart a new course for the esteemed club.
He said efforts are in top gear to enroll new members who will contribute their quota to the advancement of the club.
Sir Hart described his emergence as an act of God, promising to support the new leadership to achieve the desired objective.
He hinted that the core values of the club would be upheld with vigour, saying working in synergy with the principles laid down by its founders remains their watchword.
He said the rules and regulations of the club shall be sustained in the interest of the club and every legitimate member.

 

Continue Reading

News

New Oneh Eta Akpajo Emerges

Published

on

The Akpajo Clan in Eleme Local Government Area was recently agog with activities following the coronation of HRH Emere Sunday Obo as the Oneh Eta Akpajo XII/paramount ruler of Akpajo clan in Eleme Local Government Area of Rivers State.
Emere Obo was crowned by the traditional staff bearer of the clan,  Chief Joseph Goka on behalf of the land priests at the community square.
Before his coronation, the new King was an acting traditional ruler of the community since the death of his predecessor, Emere Friedrich on the 11th of January, 2023.
He was also a member of the late King’s Council of Chiefs and member of Nchia and Eleme Council of Chiefs respectively.
Speaking with newsmen shortly after his coronation,the new Akpajo monarch said his reign will usher in peace and prosperity to the Kingdom.
He said he intends to work together with the government and companies operating in the Kingdom to attract development to Akpajo clan.
According to the monarch, he will always seek the advice of his elders and other clansmen before taking any decisions.
“I have promised them that I cannot use my authority to do anything without hearing from them first,” he said.
Emere Obo also stressed the need for the youths in the area to toe the path of peace, adding that as a traditional ruler, his responsibility is to ensure that Akpajo clan remains peaceful.
He also assured the government of support and praised both past and current administrations in the State for siting projects in the community.
Also speaking , the traditional staff bearer of the clan, Chief Joseph Goka said Emere Obo’s installation was in line with the customs and traditions of Akpajo Kingdom.
He also told newsmen that the king makers have not received any protest from any quarters concerning the installation since the process started months ago.
Chief Goka  equally said his crowning of the monarch was based on instructions from the clan’s land priests and expressed optimism that Emere Obo is capable of representing the clan Traditionally and other wise.
Chief Goka described Emere Obo as trustworthy and law-abiding, adding that having worked with the late traditional ruler, Emere Obo has a full knowledge of the customs and traditions of not only Akpajo clan but the entire Eleme Kingdom.
He assured the new monarch of the support of the people of Akpajo and the entire traditional institution in the area.
Also speaking, one of the community’s land priests, Levy Kattey Jumaa said the installation of the new Akpajo monarch was in line with the customs and traditions of Akpajo and Eleme kingdom.
According to him, the new King has all the qualities expected from a chief in Eleme land, stressing that Emere Obo was only ascending the throne of his fathers having come from the royal family of Akpajo Kingdom.
He urged the public to disregard any insinuations concerning the installation, ”if at all there is any,” adding that it is only the land priests families that talk about kingship installations in Akpajo and Eleme and no other persons outside the land priests families can do that.

By: John Bibor

Continue Reading

News

Awo Idemili Community May Become Ghost Town If

Published

on

If urgent steps are not taken by concerned authorities, the Awo Idemili community in Orsu Local Government Area of Imo State may become a ghost town, due to incessant killings, arson and kidnapping of residents by some alleged criminal elements suspected to be members of the Indigenous People of Biafra ( IPOB).
The Tide’s sourc learnt that a certain family, the Emenikes, said the only possible solution to save the lives of the family members and that of others was to seek protection in a foreign land.
According to sources, one of the family members, Mr Peter Emenike was adbucted and murdered in a gruesome manner by people believed to be members of the IPOB recently.
It was further learnt that Peter Emenike, now deceased, was the Personal Assistant to the Imo State Commissioner for Chieftaincy and Traditional Matters and was never a member of any secret organisation as to warrant the fate that befell him.
His only offence as further gathered, was an alleged intelligence leaked to the Imo Government which the IPOB framed up in order to get him and his family members nailed.
It also learnt on a good authority that Peter Emenike’s lifeless body alongside that of his wife was found at their residence in Awo – Idemili, Imo State on 14th November, 2024 .
It was also reported that few days later, some family members of the Emenike family were declared missing and as one of them was found dead by a bush path, while others were still held hostage as at when this report was filed.
The Tide’s source claimed that a letter purportedly written by the IPOB members was delivered and dropped inside the car of the deceased bearing the insignia of the IPOB with the inscription: ‘None of your family members can hide for long’.
Unconfirmed report has it that the family, out of fear could not immediately report the matter to the Imo State Police Command as the group is believed to possess some spiritual powers to identify their perceived enemies from afar.
The family members of the deceased including oneMr Daniel Emenike, Boniface Emenike , Paul Emenike and others are now under serious threat by the separatist group (IPOB), thus the urgent need for protection especially in a foreign land.
A security analyst who pleaded anolmity, warned that the assassination of Peter Emenike and the serial killings and abduction of his family members stood as a signal to a new phase of IPOB’s operations .
“ This is not an attack on one family , but on the nation and our collective safety . The government must act swiftly not just to rescue the family but to reaffirm their stance on zero tolerance to terrorism “ he said .

Continue Reading

Trending