September 10, 2020:
“This is another crucial win for Nigeria in our ongoing fight against the vulture-fund-backed P&ID. We are pleased that the English Courts have taken our fraud challenge seriously, and awarded us a substantial interim payment in respect of our successful application for an extension of time to challenge the award.
This is a significant blow for P&ID, who continue to attempt to delay the process.
To date, P&ID and its financial backer VR Capital have not produced a single document or credible witness to challenge the FRN’s fraud evidence. Instead, they continue to resort to disseminating misleading claims, while taking every step possible to delay or obstruct our investigations across multiple jurisdictions.
The FRN remains firmly committed to overturning the injustice of the $10 billion award, and will not rest until we secure justice for the people of Nigeria – no matter how long it takes. Investigations into the GSPA are ongoing, and we are confident that more of the truth will be revealed over the coming months.”
September 4, 2020:
“The Federal Republic of Nigeria is pleased with the outcome from the High Court hearing today. This is a major victory in our ongoing fight against the vulture-fund-backed P&ID, to overturn the injustice of the multibillion dollar arbitral award.
In light of the new and substantive evidence presented regarding P&ID’s fraudulent and corrupt activities, the Court has granted our application for an extension of time to hear our challenge out of normal time limits.
We will now proceed to a full hearing of our fraud challenge in the coming months.
Investigations into the GSPA are ongoing, and we are firmly committed to overturning the award – no matter how long it takes – to ensure that this money goes towards Nigeria’s future, not into the pockets of millionaires trying to exploit our country.”
July 14, 2020
“The Federal Republic of Nigeria appeared in the English High Court this week for a scheduled procedural hearing. The hearing was held for the Court to determine whether the FRN should be permitted an extension of time, to bring its application to set aside the multibillion dollar arbitral award on the basis that it was procured by fraud and corruption.
The hearing concluded this afternoon, and the Judge will hand down his decision at a later date.
In light of the new and substantive evidence presented regarding the vulture-fund-backed P&ID’s fraudulent and corrupt activities, it is clear that the GSPA and subsequent arbitration was a highly orchestrated scam. This is, unfortunately, yet another example of Western businesses taking advantage of Africa’s vulnerabilities.
Enforcement of the award would involve the English Court being used as an unwitting vehicle for this massive fraud against the Nigerian people.
Investigations into the GSPA are ongoing, and we are firmly committed to overturning the injustice of the award – no matter how long it takes.”
July 13, 2020:
“The Federal Republic of Nigeria’s (FRN) ongoing investigations have uncovered further evidence of the vulture-fund-backed P&ID’s highly orchestrated scam.
Through the FRN’s investigations in the US in particular, it has become increasingly apparent that P&ID and VR Capital will go to any length to aggressively pursue their fraudulent US$10 billion award.
P&ID’s pattern of covering up their fraudulent conduct has only recently come to light.
- First, they provided false evidence to, and misled, the Arbitral Tribunal.
- Then, they failed to disclose evidence of suspicious payments to the English High Court when they had a clear opportunity to do so. When confronted by the incontrovertible documentary evidence uncovered by the FRN’s legal and investigatory team, P&ID have responded at the eleventh hour with implausible explanations.
- In other cases, they have conveniently dismissed the evidence of witnesses, or claimed that due process has not been followed.
- Not a single document or credible witness has been produced by P&ID and VR Capital to contradict the FRN’s fraud evidence.
P&ID and VR Capital have taken every possible step to delay or obstruct our investigations into the GSPA, which is inconsistent with their contention that the FRN should have discovered the fraud sooner. The latest revelations are no doubt why P&ID was desperate to conceal the evidence from these proceedings.
It is telling that P&ID only addresses suspicious payments when confronted by the FRN. If P&ID had nothing to hide in their transactions, they would have come clean earlier. Their evasive moves speak volumes.”
March 30, 2020:
“More than 110 days have passed since the Federal Republic of Nigeria filed substantive allegations of fraud against the vulture fund backed P&ID. Despite having many opportunities to do so, P&ID have failed to respond definitively to these allegations. Their silence speaks volumes.
Barring an initial statement insubstantially maintaining that the award is ‘enforceable’, the shell company has yet to provide any formal response to the claim.
It is unsurprising that P&ID’s lawyers have not been able to prove that it legitimately, and lawfully, secured a 20-year contract worth hundreds of millions of Naira. The company has yet to even demonstrate that they had the credentials in the first place to carry out such a complex arrangement, nor provide any evidence of tangible investment or land-holding.
The award in question, which amounts to over eight times Nigeria’s national health budget, could be used for far more important, and genuine, public issues at the current time.
Nigeria simply cannot afford to have our future threatened by a shell company that is not even capable of answering to the concrete evidence of fraud levelled against them.”
January 24, 2020:
“The Federal Republic of Nigeria appeared in the English High Court for a scheduled case management conference (CMC) on January 24, 2020. The CMC was held for the Court to decide procedural issues relating to our application to set aside the arbitral award on the basis that it was procured by fraud and corruption.
A timetable has now been fixed for a hearing to decide if our application can be brought outside the normal time limits.
This is another positive milestone in the Federation’s fight to overturn this award.
Based on new and credible evidence discovered by the Economic and Financial Crimes Commission (EFCC) – referred to in court as “seismic” – it is increasingly clear that this was a highly orchestrated scam, involving a cover-up by ministers at the highest levels of office in the previous administration. These officials, who were entrusted to safeguard the future and assets of Nigeria, knowingly entered into the sham GSPA, and deliberately failed to defend the Federation in the ensuing arbitral proceedings.
It is telling that to date P&ID has said nothing to rebut these allegations of fraud. These issues will now be before the Court to consider in relation to the Federation’s challenge to this award.”
December 6, 2019:
“On6 December 2019, the Federal Republic of Nigeria filed a new and substantive challenge in the English Courts, in our ongoing fight against the vulture-fund-backed P&ID.
This is a major step forward in our bid to overturn the injustice of the US$9.6 billion award.
The challenge argues that the gas supply and processing agreement (GSPA) is based on fraud and that the subsequent arbitral process was riddled with irregularities and deliberately concealed from the rest of the Government.
Based on new evidence that has come to light in recent investigations, it is now clear that the original contract was a sham commercial deal designed to fail from the outset. The Federation has strong reasons to believe that this is a highly orchestrated scam to deliberately strip Nigeria of our assets and our future.
The Federation has recently expanded its legal team, to include leading London law firm Mishcon de Reya. The team is led by Shaistah Akhtar, Partner, and Mark Howard QC of Brick Court Chambers. The expansion will enable the Government to launch investigations and challenges.”