P&ID: Former Justice Minister Details How Godwin Emefiele Saved Nigeria From Paying Off $11bn
- A former minister of Justice said Godwin Emefiele helped Nigeria save $11 billion
- He said the former CBN governor gave support to the legal team in the London court
- He added that Emefiele also persuaded the then President that the P&ID was a fraudulent contract
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Michael Aondoakaa, a former minister of justice and attorney general of the Federation (AGF), has disclosed how the immediate former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, saved Nigeria from paying off billions of dollars awarded arbitrarily to Process and Industrial Developments (P&ID).
Aondoakaa, who was AGF when P&ID and Nigeria agreed to establish a gas processing plant in Calabar, Cross River State, in 2010, spoke on Arise Television's breakfast show, according to a Vanguard report.
Source: UGC
He said that the CBN under Emefiele provided significant support to Nigeria’s legal team in the case brought against Nigeria in a London court.
Emefiele advised the government against the contract
According to P&ID, the Nigerian government violated the conditions of the contract, which was why the deal collapsed.
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Consequently, it took legal action, and on January 31, 2017, it successfully got an arbitral verdict worth $6.6 billion against Nigeria in addition to 7% pre- and post-judgment interest.
Emefiele reportedly opposed and strenuously recommended what should be done to the President.
Aondoakaa said the ex-CBN governor risked his reputation to persuade the President that the P&ID was a fraudulent contract and that, if Nigeria engaged capable solicitors, the P&ID would not prevail in court.
It was predicated on Emefiele’s claims that President Buhari declined to pay and supported legal action that ultimately benefited Nigeria.
Recall that in a London court on Monday, the Federal Government emerged victorious in its lawsuit against P&ID Limited.
The court rejected the $11 billion arbitration award in favour of P&ID in a ruling that ultimately benefited Nigeria after five years of legal manoeuvring.
According to the report, President Bola Tinubu welcomed the court's judgment.
Legit.ng earlier reported that Emefiele was detained in the custody of the Economic and Financial Crimes Commission (EFCC).
Grace Taiga, a key witness in the $11bn P&ID corruption scandal dies, many politicians set to walk free
Legit.ng reported that Grace Taiga, the former Director of Legal Services of the Ministry of Petroleum Resources, who is a key witness in a massive corruption scandal involving the British Virgin Islands-based company Process and Industrial Developments (P&ID), died in September 2023 at the age of 75.
The news of her death comes a few days after a UK court ruled in favour of Nigeria on the deal that was signed in 2010.
BusinessDay reports that Taiga served under the petroleum ministry from 2004 to 2010 and was vital in negotiating a gas supply and processing agreement (GSPA) between P&ID and the Nigerian government.
Source: Legit.ng
