Almost US$10 billion is at stake. This is what P&ID, a vulture-fund backed shell company, is aggressively demanding from the people of Nigeria after a scam gas agreement intentionally collapsed.
The Federal Republic of Nigeria is fighting to overturn a scam agreement, procured through fraud and corruption by a vulture-fund backed shell company: P&ID.
Almost US$10 billion is at stake. This is what P&ID is claiming from Nigeria after the agreement was revealed as a scam and collapsed.
The agreement was to build a sophisticated gas processing plant. P&ID was however run by a failed music producer. It had no technical capabilities and few employees. It never had the ability to fulfil the agreement – and never intended to.
P&ID is now backed by a powerful international vulture fund. Vulture funds have a record of exploiting vulnerable countries. The individuals managing the fund, and their associates, are aggressively pursuing the US$10 billion for themselves.
US$10 billion would pay for Nigeria’s national health budget eight times over.
In 2019, the London High Court agreed to scrutinise the agreement after Nigeria filed new and substantive evidence of P&ID’s fraud and corruption. It is telling that P&ID has prioritised the dissemination of inaccurate claims over addressing the real and serious allegations of fraud made against them in Court.
This website sets out the facts of Nigeria’s case. It will be updated regularly with relevant information and legal documents.
A timeline of key moments on the dispute from 2010 to present.
Nigeria is currently battling one of the biggest lawsuits of its time.
Almost US$10 billion is at stake. The aggressively pursued debt is threatening to strip away state assets worth more than eight times the country’s national health budget; five times its education budget; or well over a quarter of its gross foreign reserves.
Since 2012, Process and Industrial Developments (P&ID), a shell company now backed by a powerful international vulture fund, VR Advisory Services Limited, has been attempting to enforce a scam agreement procured through fraud and corruption against the people of Nigeria.
What happened, who are P&ID and who is set to benefit from the award? Your frequently asked questions.
Official statements from the Attorney General’s office, legal documents and relevant articles in the media.