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Buhari Hails UK Judgment On P&ID
Former President Muhammadu Buhari yesterday said the country would have paid $15billion if it had lost the case against the international firm, Process & Industrial Development (P&ID) Limited.
He lamented that such monetary loss could be substituted to finance key infrastructural projects, among others
Following a 2010 agreement between P&ID and the Federal Government, the firm pledged to build a gas processing plant in Nigeria.
However, the project never materialised, leading P&ID to sue for lost profits. The firm had granted the sizable award plus accumulated interest, which became a point of contention.
In a ruling on Monday, October 23, Justice Robert Knowles of the Business and Property Court in London held that the process through which P&ID secured the contract was fraudulent.
Reacting to the matter, Buhari recalled that during his administration in 2015, he asked his former Chief of Staff, Abba Kyari, and erstwhile Attorney-General of the Federation, Abubakar Malami, to “get us a fair hearing.”
He noted that the firm, owned by Irish intermediaries who understood the systematics of the Nigerian market, won the contract to build a gas processing plant in Cross Rivers State.
In a series of tweets shared via his profile on X (formerly Twitter), Buhari wrote, “Rarely in modern times can so few have tried to take so much from so many. If Nigeria had lost its arbitration dispute with Process & Industrial Development in a London court on 23 October, it would have cost our people close to $15 bn.
“But ordinary Nigerians never took the decisions that ended up before Justice Knowles. Had Nigeria lost, it would have required schools not to be built, nurses not to be trained and roads not to be repaired, on an epic scale, to pay a handful of contractors, lawyers and their allies – for a project that never broke ground.”
However, according to him, the administration of his predecessor, Goodluck Jonathan, could not supply the gas and consequently, the plant was not built.
He noted, “The ‘P&ID Affair’ was already firmly set by the time I came into office in 2015. A company registered in the British Virgin Islands that no one had heard of, with hardly any staff or assets, had won a contract to build a gas processing plant in Cross Rivers. The company was owned by Irish intermediaries who knew Nigeria well and had done business in everything from healthcare to fixing tanks.
“The previous government could not supply the gas. The plant was never built. Construction was not started. P&ID did not even buy the land for the facility. But the contract, incredibly, was clear: P&ID could sue Nigeria, and claim all the profits it might have made over 20 years as if everything had been completed.”
Buhari continued, “Nigeria was in court in London, trying to talk down liability and costs. Back at home, fixers were looking to work out a quiet settlement. This is often the way. A lot of contracts end up in dispute. P&ID won a settlement in 2017 of USD6 billion, with compound interest. People, including out-of-work ex-British Cabinet Minister Priti Patel, were queuing up to insist we paid, or risk Nigeria becoming an untrustworthy trade pariah.
“It was clear that far from the whole story had been told. I tasked Abba Kyari, my Chief-Of-Staff and Attorney General of the Federation, Abubakar Malami, with finding a way, even at that late stage and despite so much conflicting advice, to get us a fair hearing. Working with a number of different agencies and senior officials of government, we began to find a huge amount of evidence, not all of which Justice Knowles was to accept. But he agreed that P&ID had paid bribes. He agreed that one of P&ID’s founders had committed perjury. And he agreed that P&ID had somehow found in its possession a steady supply of Nigeria’s privileged internal legal documents, outlining our plans, strategies and problems.”
Buhari stated that it’s imperative to follow legal processes when settling disputes, adding that time and opportunities to present arguments are required.
He also noted that Nigeria needs better contracts with transparency in both the public and private sectors.
The tweet read in parts, “My own view is that this whole, sorry affair shows how important it is to follow the legal process in resolving a dispute. It shows that given time and opportunity for each side to present their case, the temple of justice can satisfactorily resolve all disputes without resorting to extrajudicial measures. It was definitely worth the struggle: this was an attempted heist of historic proportions, an attempt to steal from the treasury a third of Nigeria’s foreign reserves.
“But even at this moment, we should note what the English judge cautioned. The arbitration process in London “was a shell that got nowhere near the truth.” We need better contracts, in the public and private sectors. And we need greater transparency. The reality is that had P&ID not conjured up quite such an outlandish ransom, they may have found themselves in the same place as the myriad of other invisible contractors who all too often quietly take Nigeria for many millions in out-of-court settlements. Sterner sanctions are indicated for Nigerian public officials who have been proven to connive with foreign criminals to defraud our country.
“Nigeria has won this battle with corruption, but the war is far from over. As Justice Knowles concluded: “This case has also, sadly, brought together a combination of examples of what some individuals will do for money. Driven by greed and prepared to use corruption; giving no thought to what their enrichment would mean in terms of harm for others. Others that in the present case include the people of Nigeria, already let down in so many ways over the history of this matter by a number of individuals in politics and administration whose duty it was to serve them and protect them.”
The Rivers State Investment Promotion Agency (RSIPA) has unveiled measures to enthrone ease of doing business and win back the confidence of the business community.
The Director-General of the Agency, Dr Chamberlain Peterside, unveiled the plans at the Breakout Session of RSIPA at the ongoing 18th Port Harcourt International Trade Fair, at the Obi Wali International Cultural Centre, in Port Harcourt.
Dr. Peterside said the agency was poised to free the state from accumulation of wrong narratives that branded it over the years as unsafe for business.
He, however, admitted that many things had gone wrong in the past where regulators joined to make the business environment difficult for investors.
He announced that the agency was rather focused on actions, solutions, and results as adopted in the mission statement of the Board.
“Our task is no mean feat. We are dealing with the perception risk that over several years branded the state as unsafe. We are also faced with the challenges of dealing with the lack of cohesion amongst MDAs, policy inconsistencies, multiple taxation, incessant harassment by miscreants, red tape and delays in obtaining operating permits, high cost of operations and opaque public sector,” he said.
“It is about listening to the investors in the field and ensuring that MDAs are carried along, hence the imperative for the setting up of our One-Stop-Center”, he added.
In his remarks, the Commissioner for Commerce and Industry, Warisenibo Joe Johnson, who represented the state governor, said the Fubara administration was ready to listen to the business community to see ways of reducing impediments to investments.
He listed the stages of actions being undertaken by the governor as outlined in his 37-page blue print to revive the economy of Rivers State.
The Mayor of Housing, My-ACE China, who was presented at the event as a star investor and promoter of Rivers State reputation, said for the plans of the investment promotion agency to materialize, an enabling law should replace the Executive Order that established the Rivers State Investment Promotion Agency.
He said this would insulate the agency from political instability and remove fear in the minds of investors about its sustainability.
According to him, protection precedes promotion and Local Direct Investment (LDIs) is what attracts and promotes Foreign Direct Investment (FDIs).
“It is the rat at home that reveals to the one in the bush that there is fish in the kitchen”, he added.
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?The Mayor of Housing who is also the CEO of the Alesa Highlands Sustainable Green Smart City said that Port Harcourt is like a business empire under lock and key because it is not protecting its own and also not promoting its own enough for investors to come in.
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?In the area of land documentation and inventory, China urged Rivers State Government to borrow a leaf from Abuja and adopt the use of Geographic Information Systems (GIS) in dealing with land and property registration and documentation for ease of doing business.
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?He said Lagos understood the power of business information, adding “this creates the impression that if you are not doing it in Lagos, you are not doing it in Africa.
“We need to shout louder than Lagos, because we need more investments than Lagos and the structural integrity of Abuja. When you marry both, Rivers State would be wonderful and become green with investments,” he said.
In her speech, the President of Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), Dr. Chinyere Nwoga, called on the state government to look into the menace of parked trucks now turning Trans-Amadi into a risk zone.
She outlined the activities of the PHCCIMA and invited investors and businesses to the Port Harcourt economic hub, saying peace has returned.
The Director, Investors Relations of the Nigerian Investment Promotion Council (NIPC), Mrs Lovina Kayode, urged Rivers State to make haste and catch up on Ease of Doing Business, saying the Council has come to help businesses in the state.
Mrs Kayode, who represented the Executive Secretary/CEO of NIPC, Aisha Rimi, commended the Mayor of Housing and his counterpart, Mr. Oliver Biedima of Rainbow Heritage Group, for their decision to invest in Rivers State, saying it is a proof that Rivers State is safe for investors and their investments.
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In his remarks, Oliver Biedemi of Rainbow Heritage Group urged government to give the private investors chance to develop the economy, saying ordinarily government does not have the funds to develop the economy.
Happy Birthday Chief Barr. Nyesom Ezenwo Wike CON
Honourable Minister Federal Capital Territory
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We’ll Drive Tinubu’s Vision in Rivers With Vigour – Fubara …Inaugurates Dualized Ahoada/Omoku Road ….Debunks Rift With RSHA
Rivers State Governor, Sir Siminalayi Fubara, has stated that he will lead Rivers people to galvanize support for President Bola Tinubu to drive the vision and objectives of the Renewed Hope Agenda in the State with vigour.
The governor, who joined the ruling All Progressives Congress (APC), on Tuesday, explained that his decision to join the APC was not for personal interest but for the overall benefit of Rivers State.
Fubara disclosed these while inaugurating the extension of the dualized Ahoada/ Omoku Express road in Ahoada East and Ogba Egbema Ndoni Local Government Areas of Rivers State.
He commended the contracting firm, Julius Berger, for timely delivery of the project, saying the project is a campaign promise fulfilled which will bring economic benefits to the people and tackle issues of insecurity associated with the route.
He said his administration has remained focused in delivering democratic dividends in the state despite facing glaring challenges.
The governor thanked the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas for their continuous support, and urged his supporters to remain steadfast and also support President Tinubu who he said, has demonstrated love to Rivers State as a father.
Fubara denied having rift with the Rivers State House of Assembly, stating that his meeting with the lawmakers was stalled as a result of delay in the agreed meeting to be convened by former Governor Nyesom Wike and other stakeholders for him to meet with the state lawmakers.
“I have made every effort to meet with the Assembly members, but it is not within my leadership to initiate the meeting process.
“The arrangement was for my leader, Wike, and the elders led by Anabraba to call for a meeting with the the lawmakers.
“I’m a gentleman and principled. I can’t go behind to call them when we’ve already agreed. Whoever that tell them that I don’t want to meet with them, or I rejected proposal meant for them isn’t saying the truth,” Fubara said.
The Permanent Secretary of the Rivers State Ministry Works, Mr Austin Ezekiel-Hart, who gave the project description, said the delivery of the project was a fulfillment of long time dream by the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas.
He said the road was previously a single lane and has now been dualised to 14.6 meters wide, complete with solar-powered streetlights with drainages.
He said the road significantly would reduce travel time between Ahoada and Omoku while improving economic activity in the region.
In his welcome address, Chairman of Ogba-Egbema-Ndoni Local Government Area, Hon. Chuku Shedrack Ogbogu, described the road as a symbol of unity, oneness, and development, thanking the governor for fulfilling his campaign promises.
On his part, the Managing Director of Julius Berger, Engr. Peer Lusbash, said the project was awarded to his company in 2023 with a completion period of 18 months which was achieved in best quality.
He added that Julius Berger enjoyed a good support from the Fubara administration, and assured to complete all ongoing projects being handled by Julius Berger on specification, especially the Ring Road project which is a legacy project.
