Nigeria’s former minister of justice, Michael Aondooakaa, has made a shocking revelation about the Process and Industrial Developments Limited (P&ID) gas contract.
According to him, the P&ID contract was not approved by the federal executive council.
Naija News recalls that a British court had given the company the approval to seize Nigerian assets worth over $9 billion.
In 2010, P&ID, an Irish engineering company, entered into a 20-year gas and supply processing agreement (GSPA) with the federal government to build a state-of-the-art gas processing facility in Calabar.
But the company said after spending several years preparing for the project, it collapsed because the Nigerian government did not build a pipeline or secure supply of gas as stipulated in the agreement.
It then sought judicial remedy in 2012, and in 2017, it was awarded $6.6 billion in damages – of which interest rose to $9 billion.
The process leading to the award of the contract has raised concerns with the Economic and Financial Crimes Commission (EFCC) declaring it would investigate those involved in it.