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$9.6bn P&ID Debt: FG Set To Pay $200m Security Deposit, Today

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The Federal Government has finally agreed to pay the $200million security deposit ordered by Justice Christopher Butcher of London Commercial Court in September in the ongoing gas dispute case between Nigeria and Process and Industry Development Limited (P&ID), it has been learnt.
The British court had asked Nigeria to pay $200million security payment in the court’s account while granting request to stay execution in the award of $9.6billion award in favour of P&ID.
In a statement by the embattled P&ID, last Saturday, the Federal Government’s legal team said during a hearing at the London court, last Friday that Nigeria would pay the $200million security deposit.
The statement was made available by the Associate Director, In-House, London, the media firm that represents P&ID, Chris Rogers, following an enquiry, yesterday.
The statement read in part, “Before Justice Butcher today (Friday) in London, the Nigerian legal team acknowledged that President Muhammadu Buhari has authorised the steps to provide a bank guarantee for the $200million in security that was ordered by the English court in September.
“Moreover, the following steps have already been taken by the Nigerian Government: Ministry of Finance has received approval to proceed with obtaining the bank guarantee; Minister of Finance has submitted a request to the Central Bank of Nigeria (CBN) to proceed with procuring the bank guarantee; the Central Bank of Nigeria has submitted a request to an unnamed foreign correspondent bank to issue the bank guarantee from London and provide the relevant information to the court.”
The Federal Government through the Office of the Attorney General of the Federation had filed an appeal before the London court to stop the order of September, 2019, to pay the $200million security deposit and the $9.6billion Tribunal Award in favour of P&ID.
The Minister of Information and Culture, Alhaji Lai Mohammed, who was part of the Federal Government’s delegation to London late September, disclosed to reporters in Abuja on October 2, that the government had begun the process of filing an appeal against the $200million security deposit.
He said the government retained international legal firm of Curtis, Mallet-Prevost, Colt & Mosle LLP, for the case.
Apart from the $200million, Mohammed said the government would be able to seek a refund of the $250,000 it was asked to pay to P&ID, if the appeal succeeded.
Last week, the Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, confirmed that the Federal Government had filed the appeal.
But P&ID’s statement on Saturday, following a hearing at the London court, indicated that the appeal had failed.
Unfortunately, the P&ID’s claim could not be independently verified as at the time of filing this report, yesterday.
Also, efforts made on Saturday to get the AGF Office to state its side of the case failed.
The spokesperson for the AGF, Dr Umar Gwandu, who was confronted with the claims by P&ID as to the alleged developments at the London court, last Friday, promised to get back to one of our correspondents.
As of the time of filing this report around 11.30pm, about eight hours after he was contacted, he had yet to get back.
Several calls made to his telephone lines thereafter were not responded to.
Also, the Minister of Information, Lai Mohammed, did not respond to several calls and a text message sent to his line.
However, responding to the development in the statement, P&ID said the court hearing was a welcome development.
“The eleventh-hour gambit by Nigeria’s Attorney General, Abubakar Malami, to avoid paying the $200million in security to the English Court on November 25 has failed,” the company said.

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Independence Anniversary:  Nigeria Is A Failed Grandfather – Monarch 

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A first class traditional ruler in Rivers State, His Royal Majesty, King Aaron Ikuru, has described Nigeria at 65 as a grandfather who cannot provide leadership to other African Countries.

The monarch  stated this in an interview at his palace in Ikuru Town, yesterday.

According to him, Nigeria would have been a  developed country to set the pace in the whole of Africa, considering its numerous resources.

“Nigeria is a grandfather but not behaving as a grandfather. Our country, Nigeria, before and from the era of Independence was in the state of becoming a great country, but unfortunately is not becoming anything.

“We should be far ahead with what we have in the country. God blessed us, we have almost what it takes in terms of mineral resources, manpower amongst others that can drive speedy development in the country.

“If we’re able to harness all the things we have, even America by now would have respected us”, he  said.

While blaming the past leaders of the country, the monarch called on the current leadership of the country to redouble efforts in order to narrow the differences in terms of development, exchange rate between naira and foreign currencies.

King Ikuru, who is also the Chairman of Andoni Area Traditional Rulers Council, however, lauded the efforts of the founding fathers, past leaders of the country for the achievements so  far.

He also expressed optimism that Nigeria would be great, calling on the opinion leaders to shun tribalism and political intolerance in the country.

 

“If Nigeria should experience rapid development in all sectors, it means we must shun tribalism and political intolerance, the interest of our country must be our priority.

“We need to fight corruption vigorously, and leaders must show good example of discipline and integrity”, he said.

The monarch used the opportunity to wish Nigeria happy independence anniversary.

By: Enoch Epelle 

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FG begins payment of N32,000 pension increment to retirees – PTAD

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The Pension Transitional Arrangement Directorate has announced the start of implementation of the new pension increments for pensioners under the Defined Benefit Scheme, saying the adjustments will be reflected in the September 2025 payroll cycle.

In a statement signed by Management and posted on its X handle, PTAD said the increase package includes a fixed N32,000 payment alongside percentage increases of 10.66% and 12.95% for eligible categories, which will benefit about 832,000 pensioners under its management.

Recall that PTAD in August announced President Bola Tinubu approved a series of measures, including new welfare benefits for pensioners under DBS.

The approval follows a formal request by PTAD’s Executive Secretary, Tolulope Odunaiya, seeking an emergency budgetary allocation to implement pension reforms and welfare benefits for the scheme’s retirees.

The measures include a N32,000 pension increment, percentage increases for pensioners of defunct and privatised agencies, pension harmonisation for all DBS pensioners, enrolment into the National Health Insurance Scheme, and the settlement of long-standing unfunded pension liabilities.

In a statement yesterday, PTAD said the partial release of N820.188 billion by the Federal Ministry of Finance from the emergency funding has made it possible for pensioners to begin receiving the enhanced payments immediately.

The statement read, “Further to the President’s approval of the emergency budgetary allocation for the payment of the new pension increment rates for Pensioners under the Defined Benefit Pension Scheme (DBS) that was earlier published by the Pension Transitional Arrangement Directorate on Friday, 8th August, 2025, the Directorate is delighted to announce the commencement of the implementation of the 832,000, 10.66% and 12.95% pension increment for eligible pensioners under the management of PTAD, in the September 2025 pension payroll cycle.

“This achievement has been made possible through the partial release of 820.188 billion by the Federal Ministry of Finance, from the initial 845 billion emergency funding approval granted by the Federal Government.

“This milestone clearly reaffirms the Federal Government’s dedication to safeguarding the welfare and entitlements of DBS Pensioners in line with the Renewed Hope Agenda.”

The directorate thanked President Bola Ahmed Tinubu for approving the emergency allocation.

It also acknowledged the role of the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Minister of State for Finance, Dr Doris Uzoka-Anite; the Accountant-General of the Federation and key presidential aides and parliamentary committees for their “timely interventions” and support.

The statement also expressed appreciation to organised pension groups, including the Nigeria Union of Pensioners and the Federal Parastatals and Private Sector Pensioners Association of Nigeria, for their cooperation during negotiations and implementation planning.

“We further assure all our DBS Pensioners and Stakeholders that the Directorate will continue to collaborate with the relevant authorities towards release of the outstanding approved funds and subsequent fulfilment of all future obligations relating to the pension increments and the landmark reforms,” the statement added.

The DBS covers pensioners who retired before the introduction of the Contributory Pension Scheme in 2004, including those from defunct public institutions, privatised agencies, and treasury-funded parastatals.

Over the years, many have faced irregular payments, delayed harmonisation, and inadequate healthcare access, challenges that the new reforms are expected to address.

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Nigeria At 65: NOA urges citizens to foster unity, progress

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The National Orientation Agency (NOA) has urged Nigeria. citizens to remain united, peaceful to enhance development of the  nation  as it celebrates 65th independence anniversary.

Mr Mkpoutom Mkpoutom, Director of NOA in Akwa Ibom,  gave the charge in Uyo yesterday while addressing newsmen and stakeholders to mark the anniversary.

Mkpoutom said it was essential to recognise that the strength of Nigeria lay  in its diversity

“With over 250 ethnic groups and an array of languages, the nation embodies a unique blend of heritage.

“This diversity should be seen not as a dividing line but as a unifying force that propels the country toward progress.

“As Akwa Ibom embarks on another year,  it is crucial for all citizens to foster a sense of unity and shared purpose.

“Embrace dialogue, understanding and collaborate with the Renewed Hope Agenda of President Bola Tinubu in its efforts to addressing pressing challenges like poverty, security, education, and healthcare, thereby paving  way for a brighter future for all.”

The state director, however, appealed to Nigerians from all walks of life to renew their commitment to a more prosperous, peaceful, and equitable nation.

“Let this anniversary serve as a reminder of the collective strength that lies in every citizen,” he said.

He urged everyone to contribute positively to the development of a better society.

Mkpoutom urged the people and all citizens to honour the labours of heroes past, as they celebrated the present, while working diligently toward a future filled with hope and opportunities for generations to come.

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