P&ID tells Federal Governmentto stop sham probe, appoint negotiator over nine-point-six billion dollars asset forfeiture judgment

Written by on September 2, 2019

The Process and Industrial Developments, P&ID, has expressed its readiness to negotiate with Nigeria over the nine-point-six billion dollars judgment of a United Kingdom court that may authorize the company to seize the nation’s assets to offset the judgment debt.

In a statement issued on Sunday, the company, however, advised the President Muhammadu Buhari-led Federal Government to “appoint an authorized party to enter into real negotiations” instead of what it called the government’s baseless slander and sham investigations against the company and its founders.

The firm, however, added that it would continue to seek to identify and seize Nigeria’s assets while it determined the country’s seriousness about negotiation over the judgment in a matter of days. The Minister of Information and Culture, Lai Mohammed, had last week said government is willing to meet with the company to come up with a “reasonable” agreement.

Meanwhile, a fact-sheet now in circulation has debunked accusations by P&ID that Nigerian officials were indifferent to their offers to settle, before the UK court’s judgment.

According to the fact-sheet, President Muhammadu Buhari and Vice-President Yemi Osinbajo separately approved negotiation with the company after the Arbitration Tribunal awarded six-point-five billion dollars to the company . The two leaders at various times offered two hundred and fifty million dollars and an improved offer of six hundred million dollars to the Irish company in2017.

But P & ID rejected the offer on the grounds that what was agreed on to be executed was a Draft Stay of Enforcement Agreement and not a Settlement Agreement as proposed by the Federal Government.


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