$9.6bn judgment : P&ID says they cant be bullied by Nigerians

The beneficiary of the $9.6bn judgment of a United Kingdom court, Process & Industrial Process, has said its Gas Supply and Processing  Agreement with Nigerian would have generated 2000 megawatts had the country not reneged on its part of the deal.

The Irish firm said this in a mail on Thursday in response to an enquiry by Saturday  PUNCH.

P&ID stated that only 59 per cent of the country had access to reliable supply of electricity, citing World Bank’s report.

It added that if the project had been  executed, there could have been “transformative for millions of Nigerians”.

The firm insisted that Nigeria had the opportunity to settle its liability in the failed contract with only $850m in 2015 before the arbitral award of $9.6bn by the arbitration panel in 2017 but government failed to take advantage of it.

It stated, “In May 2015, prior to the award on liability, P&ID offered to settle for $850m.

“In June 2015, the Buhari administration took power, but did not take P&ID up on their offer.”

The firm also accused the  Buhari administration, particularly the Attorney General of the Federation and Minister of Justice, Abubakar Malami, and his Information and Culture counterpart, Lai Mohammed, of dithering over their earlier proposal of settlement talks.

“As P&ID has stated before, the ball is in Nigeria’s court. If the Nigerian government is serious about a willingness to negotiate – they need to do so in good faith.”(Punch)

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