$9.6b P&ID Judgment: Nigeria Might Lose Another $2.3Billion To French Company

Nigeria has been plunged into another dilemma which is similar to the $9.6 billion judgment obtained against the country in Britain by Irish firm, Process and Industrial Development (P&ID).

According to a report monitored By Naija News on the Cable, another $2.3 billion fine is already hanging on the federal government in France as a result of controversies surrounding the Mambilla power project in Taraba state.

Naija News learnt that the affected French company, SPTCL through its chief executive officer, Leno Adesanya, said the company was sidelined in a project by the power ministry.

Claim by the plaintiffs that a $5.8bn contract for the construction of the Mambilla Hydroelectric Power Project on the basis of Build, Operate and Transfer exists in their favour.

They claimed that after they were duly awarded the contract in 2003, some ‘vested interests’ in government in 2017 signed another contract with three Chinese companies, Sinohhydro Corporation of China, China Ghezouba Group Corporation of China and China Geo-Engineering Group Corporation, to form a joint venture for the execution of the same project.

It further accused the Chief of Staff to the President, Abba Kyari, of taking the unilateral decision to remove the company from the contract.

As a result, the SPTCL dragged the government and its Chinese partners before the International Chamber of Commerce in Paris, France, over an alleged breach of contract.