May 14, 2020:
Nigeria-PandIDcase.org will provide accurate information to counter fake news from the shell company
The Attorney General of the Federation has today launched a new website, Nigeria-PandIDcase.org, to set out the facts of its legal battle with the vulture-fund-backed Process and Industrial Developments Limited (P&ID).
The website is the latest development in the Federation’s ongoing fight to overturn P&ID’s sham gas supply and processing agreement (GSPA) and secure justice for the people of Nigeria.
In recent months, the government has uncovered clear and concrete evidence that the gas deal, executed by P&ID and former officials, was procured fraudulently.
P&ID and its vulture-fund backers are aggressively demanding nearly US$10 billion from the people of Nigeria. This is more than eight times the country’s national health budget, at a time when the world is facing an unprecedented global health crisis.
The site will be managed by the Attorney General’s office and use independent, third-party sources and official legal documents. It will be updated regularly.
A spokesperson for the Attorney General said:
“The Federation recognises the significance of the case for the people of Nigeria. The new website will set out the facts of the case and counter the fake news being shared by P&ID.
P&ID, backed by a powerful international vulture fund, has prioritised the dissemination of inaccurate claims over addressing the real and serious allegations of fraud made against them in Court.
Nigeria simply cannot afford to have our future threatened by a shell company. The award in question, which amounts to nearly US$10 billion, could be used for far more important, and genuine, public issues.”
P&ID and senior members of previous administrations entered into the GSPA in 2010, but the contract intentionally collapsed.
Evidence now shows that the agreement and the subsequent arbitral award were procured on the basis of fraud and corruption. Government employees, who were entrusted to safeguard the future and assets of Nigeria, played a significant role in facilitating and covering up the highly orchestrated scam.
About the dispute
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.
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.
The case against P&ID is being heard in the London High Court. The Federation now has permission to seek to overturn the previous ruling that would enable P&ID to seize close to $10 billion in state-owned assets, including assets outside Nigeria.
The Economic and Financial Crimes Commission in Nigeria is spearheading ongoing investigations into the case, which has already uncovered evidence of serious fraud. More information can be found at Nigeria-PandIDcase.org.