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Fresh Post-Judgment Cost: How Justice Ekwo bailed Nigeria From $11bn P&ID Scam
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In 2023, Nigeria was tethering over the cliff of bankruptcy when a British Virgin Islands registered company Process and Industrial Developments, P&ID desperately pursued the enforcement of an $11 billion arbitration award against Nigeria over a failed gas processing contract.
The gas supply and processing agreement, GSPA for the construction of a processing plant in Calabar, Cross River State began with a Memorandum of Understanding, MOU signed in July 22, 2009 by then Minister of Petroleum Rilwanu Lukman (now late) and witnessed by the director of legal in the ministry, Grace Taiga. The chairman of P&ID, Michael Quinn (now late) signed for his company with the commercial director, Muhammad Kuchazi as witness. The MOU was followed by a formal agreement on January 11, 2010
The deal however did not sail through. Nigeria later alleged that the entire venture was steeped in fraud and the agreements consummated under dubious circumstances. But for P&ID, Africa’s biggest gas nation was guilty of contract breach.
The company later dragged Nigeria to the United Kingdom where it commenced arbitration proceedings before the London Court of International Arbitration, demanding $5.96 billion in compensation. In July 2015, the arbitration tribunal agreed with P&ID that Nigeria had indeed breached the terms of contract and in January 2017, asked Nigeria to pay the sum of $6.7 billion including interest. Armed with the award, P&ID began moves towards enforcement, setting into motion a complex legal process by Nigeria to extricate itself from possible sovereign insolvency.
By 2023, the award and accumulated interests had risen to $11 billion. But for Nigeria to get itself out of financial sanctions, it had to adduce evidence to prove that the P&ID deal itself was fraught with fraud.
In 2019, a criminal complaint was filed before Justice Inyang Ekwo, of the Federal High Court in Abuja wherein P&ID incorporated in the British Virgin Islands and P&ID Nigeria limited were charged with 11 counts of fraud, false representation, felony, tax evasion and criminal concealment of funds.
The former through its commercial director, Muhammad Kachuzi pleaded guilty to 10 out of the 11 counts while the latter represented by its director, Adamu Usman pleaded guilty to the entire counts.
While delivering his judgment, Justice Ekwo noted the flagrant abuse committed by the company which, as revealed by the investigators, showed that P&ID did not get a Certificate of No Objection from the Bureau of Public Enterprises, BPE for the purpose of the said contract. It was also revealed that P&ID made “a little above N3, 000,000.00 tax payment”, effectively undercutting the Nigerian government of N10, 000,000.00 in tax liabilities.
The company had also failed to make a declaration of its activities to the Special Control Unit against Money Laundering, as legally required. Justice Ekwo concluded that there was overwhelming evidence leading to his conviction of both the foreign and locally registered P&ID. While the details of the proof of evidence revealed gross abuse of office and economic sabotage, it took the unwavering stance of the presiding judge to make it happen.
Significantly, it was learnt that those behind the controversial P&ID deal were desperate to bribe their way through with anyone who stood in the way of them securing the billion dollars award. As it turned out, it was Justice Ekwo’s judgement convicting P&ID that the Ngerian government eventually filed before Justice Ross Cranston of the Business and Property Courts of England and Wales to suspend the enforcement of the arbitration award.
Justice Ekwo’s judgement was also tendered at the substantive hearing to set aside the arbitration award before Justice Robin Knowles in 2023 wherein Nigeria used it as evidence that the P&ID GSPA deal was contracted fraudulently.
Consequently, by October of the same year, the British court ruled that the arbitration award was obtained through fraud, effectively loosening the chokehold on a country already battling serious financial crisis.
In July 2024, the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi disclosed that Nigeria has moved beyond setting aside the $11 billion arbitration award, to obtaining an order from a United Kingdom Court of Appeal for its P&ID post judgement costs to be paid in British pounds sterling.
A statement from his office read, “the United Kingdom Court of Appeal validated Nigeria’s claim for the post-judgement costs to be paid in Pound Sterling (GBP), which P&ID tried to reduce drastically by claiming the Nigeria should only be entitled to recover costs in Naira, which evidently will produce lower cost.
“This was another misconceived and desperate attempt by fraudsters to deprive the Nigerian people of hard-earned public revenue. As a government, we are very determined to recover these costs and make P&ID and its US funders pay for their scam so as to serve as deterrence to others of their ilk”
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Reps Summon Emergency Session to Consider Fresh Extension of 2025 Capital Budget
By Gloria Ikibah
Members of the House of Representatives have been summoned to an emergency sitting scheduled for Monday, June 15, as lawmakers move to consider a further extension of the implementation period for the capital component of the 2025 budget.
The notice, issued by the Acting Clerk of the House of Representatives, Ibrahim Sidi, informed lawmakers that the emergency session would commence at 11:00 a.m. in line with the provisions of the House Standing Orders.
“I am directed to inform all Honourable Members of the House of Representatives that an Emergency Sitting of the House will be held on Monday, 15th June 2026 at 11:00 AM pursuant to Order Five, Rule 2(2) of the Standing Orders of the House of Representatives.
“The purpose of the Emergency Sitting is to consider the Appropriation (REPEAL and Enactment) Act, 2025 (Amendment) (No. 2) Bill, 2026 to further extend the implementation of the Capital aspect of the Budget from 30th June to 30th September 2026”, he said.
If approved, the extension will provide Ministries, Departments and Agencies with an additional three months to complete and fund capital projects captured in the 2025 fiscal framework.
The notice also urged lawmakers to accord the session the highest level of importance given the significance of the legislation before the House.
“All Honourable Members are required to take note and accord the Sitting priority attendance, please”, it added.
The emergency sitting comes as the National Assembly continues efforts to ensure the effective execution of capital projects and prevent disruptions to ongoing government programmes across the country.
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Tinubu Hails SEDC Boss Mark Okoye at 40, Praises Public Service Record
By Gloria Ikibah
President Bola Tinubu has congratulated the Managing Director and Chief Executive Officer of the South-East Development Commission (SEDC), Mark Okoye, on the occasion of his 40th birthday, commending his contributions to public service and leadership in national development.
In a statement issued by the Special Adviser to the President (Information & Strategy),Bayo Onanuga, on Sunday, the President celebrated Okoye’s milestone birthday and acknowledged what he described as an impressive record of service spanning more than a decade.
Before assuming leadership of the South-East Development Commission, Okoye held several strategic positions in Anambra State, including Managing Director and Chief Executive of the Anambra State Investment Promotion and Protection Agency. He also served as Special Adviser to the Governor before later becoming Commissioner for Economic Planning, Budget and Development Partners.
The President used the occasion to recognise Okoye’s achievements in public office and his commitment to advancing development initiatives.
The statement read: “President Tinubu acknowledges Okoye’s dedication, resilience, and passion for service, and encourages him not to relent in his efforts to manage the South-East Development Commission and deliver on its mandate.”
The statement noted that the President views young leaders as critical to Nigeria’s future and expressed confidence in the capacity of the country’s emerging generation of public servants.
Tinubu also praised Okoye’s professional conduct throughout his years in government service.
“As a youth-centric leader, the President states that, with Okoye and many other innovative young people in his administration, the nation’s future remains promising.
“The President celebrates Okoye on this milestone and commends his 14-year unblemished record in public service.”
The President joined family members, friends and associates in celebrating the SEDC chief executive, offering prayers for his continued wellbeing and success.
“President Tinubu joins family, friends, and well-wishers in wishing Okoye a happy 40th birthday, good health, and renewed strength as he continues his service to the nation”, he added.
News
Deputy Speaker Pushes for Home-Grown Defence Industry, Stronger Financial Crackdown on Insecurity
By Gloria Ikibah
Deputy Speaker of the House of Representatives, Rt. Hon.mBenjamin Kalu, has called for a major shift in Nigeria’s security strategy, urging increased local production of military equipment and stronger financial controls to disrupt criminal and terrorist networks.
Speaking at the Nigeria People’s Strategic Conference and Defence Exhibition 2026 in Abuja on Saturday, Kalu said the country must reduce its dependence on imported weapons and invest more heavily in building a self-reliant defence manufacturing sector capable of supporting national security needs.
The conference, which focused on integrating private sector capacity into Nigeria’s security architecture, brought together stakeholders from government, business and the security community to discuss solutions to the country’s evolving security challenges.
He argued that expanding domestic arms production would not only strengthen national defence capabilities but also create jobs, stimulate industrial growth and reduce vulnerabilities associated with reliance on foreign suppliers.
The Deputy Speaker also highlighted the critical role of the financial sector in the fight against insecurity, calling on banks and other financial institutions to intensify due diligence measures and strengthen transaction monitoring systems to identify and block illicit financial flows that sustain criminal groups and terrorist organisations.
He emphasised that addressing insecurity requires coordinated action across multiple sectors and urged participants to move beyond discussions towards concrete commitments and measurable outcomes.
According to him, technology companies have a vital role to play by developing platforms that enhance intelligence gathering, information sharing and early warning systems. He also underscored the importance of civil society organisations in strengthening trust between communities and government institutions, particularly in areas affected by insecurity.
Kalu further assured stakeholders that the National Assembly will continue to support security reforms through legislative action, constitutional review processes, budgetary allocations and robust oversight of security-related programmes.
The Deputy Speaker maintained that despite the security challenges facing the country, Nigeria remains resilient and capable of overcoming its difficulties through stronger institutions, innovation and greater collaboration among public and private sector actors.
He said: “Every sector represented in this room must leave with a specific, measurable role in Nigeria’s security architecture. The defence industry must deepen local capacity so that we do not import what we can produce. The technology sector must offer platforms for intelligence sharing and community early warning. The financial sector must tighten the chokepoints through which criminal and terrorist financing flows. The civil society must continue to build the bridges between communities and government that make sustainable peace possible.
“And the legislature, we will continue to provide the legal scaffolding on which all of this is built. We will continue to review the constitution where it needs reviewing. We will appropriate resources where resources are needed. We will provide oversight to ensure that what is promised is delivered. We will legislate not for public applause but for the protection of lives and the dignity of every Nigerian.”
Kalu noted that the House recently voted 289 to 2 in favour of a safer Nigeria through the State Police constitutional amendment, describing the near-unanimity as patriotic rather than partisan.
“I am proud to serve in an assembly that just two days ago voted 289 to 2 in favour of a safer Nigeria. That near-unanimity was not partisan. It was patriotic. And it must be matched by an equal unity of purpose in this room today.
“There is a Nigeria on the other side of this season. That Nigeria is not a promise. It is a project. A project that belongs to all of us; both the legislature and the executive, the uniform and the suit, the community and the corporation, the government and the governed.
“We are a people worth fighting for. This republic is worth building. And let this moment be the moment we decide, formally and finally, to build it together”, he said.
The Deputy Speaker also dismissed the feelings in some quarters that Nigeria was failing.
“Nigeria is not failing. Nigeria is fighting. There is a difference. A failing country stops trying. Nigeria has never stopped trying. That is our heritage. That is our irreducible character. But resilience must be met by structure. Courage must be met by policy. The sacrifice of the Nigerian people deserves a security ecosystem worthy of the sacrifice”, he said.
The event drew participants from the defence industry, financial institutions, civil society, and security agencies.
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