The Federal Government has appealed to a UK court to grant it more time to appeal the $9.6 billion arbitration award against it over the breach of contract with Process & Industrial Development (P&ID) Ltd.
Nigeria says it needs more time to pursue its argument that the 2010 gas supply contract with Process & Industrial Development Ltd was a scam project designed to fail from the outset.
The litigation with P&ID is coming following the huge drop in the country’s revenue due to the collapse in oil prices globally. Nigeria approached US courts in March seeking for documents from 10 banks which includes Citigroup Inc. and JPMorgan Chase & Co, to prove its corruption allegations.
P&ID, however, has denied any wrongdoing in the whole transaction, arguing that Nigeria missed its opportunity to appeal.
Mark Howard, Nigeria’s Lawyer, said ‘’It is very unusual in a fraud case to discover a single smoking gun. By its very nature, fraud is conducted in secret, which makes it hard to detect and justifies an extension.’’ The legal representatives for Nigeria are seeking another hearing for the judge to decide whether any misconduct has taken place and whether it justifies overturning the contract
The Attorney General and Minister for Justice, Abubakar Malami in a statement said, ‘’Evidence of P&ID’s highly orchestrated scam had only recently come to light.’’ Last year, a UK judge upheld an earlier arbitration award to P&ID, which had accumulated to about $9.6 billion. The arbitration decision was over a failed contract to build a gas processing plant in Calabar. Nigeria has disclosed that it has uncovered bribes paid to government officials and their family members dating back to 2009.
Malami in his court filing on March 24, submitted that ‘’There is good reason to believe that ministers at the highest level were involved in a corrupt scheme to steal money from Nigeria.’’