Bashir Ahmad, a former social media aide to ex-President Buhari, has shed more light on the P&ID (Process and Industrial Development) case, highlighting its origins and recent developments.
He said the case stems from an agreement reached during the administration of former President Goodluck Jonathan’s government, which involved a settlement payment of $850 million.
Ahmad said when President Buhari assumed office, he objected to the payment, leading to legal challenges.
The former presidential aide was reacting to Nigeria’s success in the $11 billion P&ID Limited arbitration award on Monday, which ended the legal laps the country has been in since January 2017, when a $6.6 billion fine was imposed on the country over a failed gas processing contract.
The Kano-born politician wrote on social media:
”The P&ID issue started when former President Goodluck Jonathan’s government reached an out-of-tribunal agreement for the payment of $850 million and passed on disbursement to the administration of President Buhari.
”But Muhammadu Buhari baulked 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. But the London court added $2.4 billion in interest, making it $9bn.
”The judge granted Nigeria’s request for a stay on any asset seizures while its legal challenge is pending, but ordered it to pay $200 million to the court within 60 days to ensure the stay. It also must bear some court costs to P&ID within 14 days.
”The original decision on Aug. 16 converted an arbitration award held by P&ID to a legal judgment, which would allow the British Virgin Islands-based firm to try to seize international assets.
”Nigeria then began investigating the company through the EFCC. It found evidence of two bank transfers totalling $20,000 made by Dublin-based Industrial Consultants (International) 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.”
