News
FG Rejects $9.6bn Debt Judgement, Links Contract To Yar’Adua’s Govt
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
PDP Kicks As APC Wins FCT Council Polls
The Peoples Democratic Party (PDP) has inaugurated a special legal team to handle election petitions arising from last Saturday’s Area Council elections in the Federal Capital Territory.
This comes as the All Progressives Congress (APC) won in Abaji, Kwali, AMAC, and Bwari Area Councils, while the PDP secured victory only in Gwagwalada.
The Tide reports that the council elections were held on Saturday, February 21, 2026, across all six FCT area councils, including Abaji, AMAC, Bwari, Gwagwalada, Kuje, and Kwali.
Results announced so far by the Independent National Electoral Commission (INEC) show that the All Progressives Congress (APC) won in Abaji, Kwali, AMAC, and Bwari Area Councils, while the PDP secured victory only in Gwagwalada.
In a statement issued yesterday by PDP’s National Publicity Secretary, Ini Ememobong, the party congratulated its candidates, who emerged winners in the chairmanship and councilor elections.
The opposition party acknowledged the victories, noting that the number of wins was lower than expected but significant given the alleged irregularities during the polls.
“We specifically congratulate the Chairman-elect of Gwagwalada Area Council, Mohammed Kasim, and the councillors who have been declared successful by the Independent National Electoral Commission (INEC).
“This victory, though less in number than we anticipated, is particularly gladdening because it is against the background of unprecedented intimidation, high-powered money politics, and brazen executive brigandage,” the statement read.
Ememobong claimed that there are reports and video evidence indicating voter intimidation and unlawful conduct that influenced the outcome of the elections.
“Reports and video evidence abound where armed security personnel were used to cart away result sheets in polling units, intimidate voters, and unduly influence the outcome of the elections.”
To address complaints and litigations arising from the polls, he said the party has set up a legal team headed by its National Legal Adviser, Shafi Bara’u, Esq.
The statement urged candidates with legitimate grievances to contact the Legal Adviser promptly, as delays could jeopardise their chances in election petition cases.
“The incredible voter apathy in these polls is a direct response to the anti-people Electoral Act 2026, where the people have completely lost faith in the electoral outcomes from elections conducted under this Act.
“These Local Council polls may just be a foreshadowing of the forthcoming general elections in 2027 if changes are not urgently made,” the statement added.
The PDP called on the National Assembly and the President to take corrective action to safeguard the integrity of Nigeria’s democracy.
News
S’Court Gets New Justice As CJN Swears In Oyewole, Wednesday
The Chief Justice of Nigeria, Kudirat Kekere-Ekun, will on Wednesday swear in Justice Joseph Oyewole as a Justice of the Supreme Court of Nigeria.
The ceremony is scheduled to be held at 2pm at Courtroom Two of the Supreme Court complex in Abuja.
The court urged guests to adhere strictly to the court’s protocols and security measures.
This was contained in a statement issued yesterday by the Supreme Court’s Director of Information and Public Relations, Dr Festus Akande.
The court described Oyewole’s appointment as a step towards reinforcing the capacity of the apex court to deliver fair and timely judgments.
Recall that Oyewole was, until his elevation, a Justice of the Court of Appeal and Presiding Justice of the Enugu Division, and joins the apex court bench as part of ongoing efforts to strengthen the judiciary.
The National Judicial Council recommended Oyewole for the position alongside 35 others for various judicial offices, following its 110th meeting held on January 13, 2026, and presided over by Justice Kekere-Ekun.
The statement partly read, “The Chief Justice of Nigeria, Hon. Justice Kudirat Kekere-Ekun, GCON, will on Wednesday, 25th February, 2026, preside over the swearing-in ceremony of the newly appointed Justice of the Supreme Court, Hon. Justice Joseph Olubunmi Kayode Oyewole, JCA.”
According to the statement, Oyewole served with distinction at the Court of Appeal and as Presiding Justice of the Enugu Division prior to his elevation.
“His appointment underscores the commitment of the Nigerian judiciary to upholding the rule of law, ensuring justice, and strengthening the bench with experienced and dedicated jurists. He brings a wealth of legal expertise and integrity to the apex court to further enhance its capacity to deliver fair and timely judgments,” the statement added.
The apex court further described the swearing-in as “another significant step in rejuvenating the judiciary and ensuring the continued delivery of justice in line with the highest standards of integrity, competence, and impartiality.”
The Supreme Court reiterated its commitment to justice, fairness and judicial independence for the benefit of Nigerians.
News
Fubara Mourns Senator Mpigi
Rivers State Governor, Sir Siminalayi Fubara, has expressed deep shock and sadness over the sudden passage of Senator Barinada Mpigi, the Senator representing South East Senatorial District of Rivers State.
In a tribute to mourn the deceased, Governor Fubara described Mpigi as a brother, a consummate politician and one of the leading lights in Rivers State.
He said that Mpigi died at a critical time when his services were still needed by the people of Rivers State and prayed God Almighty to grant him eternal rest.
The governor commiserated with his immediate family, the Rivers South East Senatorial District and the Senate at large, asking them to take solace in the fact that the deceased lived a good life and impacted positively on the people.
Senator Mpigi died at the age of 64. Until his death, he was the Chairman of the Senate Committee on Works.
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