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The Economic and Financial Crimes Commission, EFCC, has applauded the dismissal of the arbitrary $6.6billion judgment against Nigeria, won by the Process & Industry Development, P&ID Ltd, over a failed 2010 deal to develop a gas processing plant in the country.
The company had claimed that Nigeria violated the terms of its agreement by failing to provide gas for the power plant it wants to build for the country. An initial out-of-tribunal agreement for the payment of $850 million was reached by a previous administration and the disbursement was passed on to the administration of President Muhammad Buhari balked at the idea of paying the negotiated sum, set aside the settlement agreement and challenged the enforcement of the award before the English Commercial Court.
Irked by the shadiness and hollowness of the claims of P&ID, Nigeria began investigating the company through the EFCC and found evidence of two bank transfers totaling $20,000 made by Dublin-based Industrial Consultants Ltd. — part of the P&ID group of companies — to Grace Taiga, a Nigerian government lawyer who oversaw the award of the gas plant contract.
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