Corruption in Nigeria
To mark International Anti-Corruption Day, the Federal Republic of Nigeria (FRN) has reaffirmed its ongoing commitment to the global fight against corruption.
The FGN, in a statement sent to Prime Business Africa, read: The 2021 International Anti-Corruption Day seeks to highlight the rights and responsibilities of everyone – including States, Government officials, civil servants, law enforcement officers, media representatives, the private sector, civil society, academia, the public and youth – in tackling corruption.
“The need for a combined approach is best demonstrated by the FRN’s resolve to overturn the sham $10 billion arbitral award, pursued by BVI-based Process and Industrial Developments Limited (P&ID).
“The FRN believes P&ID procured a scam gas agreement through fraud and corruption, with the objective of defrauding the Nigerian people. It is the FRN’s case that P&ID neither had the ability nor the intention to fulfil the agreement.
“The efforts to reverse the award are part of Nigeria’s broader anti-corruption crackdown. P&ID’s precise ownership structure is unclear. 75% is owned by Cayman Islands-based Lismore Capital, unusually headed by P&ID’s former arbitral counsel, Seamus Andrew. The remaining 25% is owned by Process Holdings Limited, part of ‘vulture fund’ VR Capital.
The tide is now firmly in the FRN’s favour. In September 2020, the English High Court successfully granted the FRN permission to appeal the $10 billion arbitral award after Nigeria established a “strong prima facie case” that the original deal “was procured by bribes paid to insiders as part of a larger scheme to defraud Nigeria”.
The full fraud trial will be heard in the London Courts in January 2023 where the government will present its full case to expose the extent of corruption and bribery perpetrated by P&ID to defraud the Nigerian people.
A spokesperson on behalf of the Federal Republic of Nigeria said: “The Federal Republic of Nigeria (FRN) is fully committed to overturning the injustice of the $10 billion award.
Based on the substantial evidence uncovered to date, we believe it is clear P&ID used a web of bribery and a tissue of lies to secure the original deal as part of a broader scheme to defraud the Nigerian people.
We will continue to pursue all available legal avenues to hold the ‘vulture fund’ backed P&ID to account.
The FRN will not rest until we secure justice for the people of Nigeria.”
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