Suspects’ Conviction Will Help Review $9.6b P&ID Judgement, Says AGF, Malami

* …Battle over 9.6b P&ID judgement begins next week

Minister of Justice and Attorney – General of the Federation,
Abubakar Malami, has disclosed that Nigeria is scheduled to meet
with its legal team early next week in UK in preparation for the
case with Process and Industrial Development (P&ID) Limited
against Nigeria listed for 26th September.

A recent judgment of a British court empowered the firm to seize
about $9.6bn worth of Nigerian assets.

Nigeria is contesting the judgement and the case is listed 26th
September in the UK.

The judgement of the Federal High Court in Abuja against the
offshore company and it’s Nigerian affiliate has strengthen the
position of Nigeria according to the Justice Minister.

In his reaction to the judgement sent to The State Online on
Thursday by Dr Umar Jubrilu Gwandu, his media aide, the Minister
stated that “The implication of today’s conviction is that Nigeria
has a judicial proof of fraud and corruption as a foundation of the
relationship that gave rise to a purported liability in the
arbitral award.

A liability that is rooted in fraud and corruption can not stand
judicial enforceablity Nigeria now has a cogent ground for setting
aside the liability. Where nigeria is expected to review its
strategy in view of unfolding developments as it relates to
conviction of some of the suspects that have admitted fraud and
corrupt practices in the transaction that gave rise to purported
award.

“Nigeria is meeting with is legal consortium early next week in
UK in preparation for the case listed for 26th September”

Earlier on Thursday, the Federal High Court in Abuja convicted
and subsequently ordered the winding up of Process and Industrial
Development Limited and its Nigerian affiliate, P&ID Nigeria
Limited, for charges of fraud and tax evasion in respect of the
contract leading to the recent controversial judgment of a British
court empowering the firm to seize about $9.6bn worth of Nigerian
assets.

Presiding judge, Justice Inyang Ekwo, in his judgment on
Thursday, also ordered the forfeiture of “the assets and
properties” of the two firms to the Nigerian government.

The judge made the orders shortly after the two firms, through
their representatives, pleaded guilty to the 11 counts instituted
against them by the Economic and Financial Crimes Commission.

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