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.