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Business News

FG vows to prosecute Nigerians linked with $9 billion UK Judgement

Federal Government has vowed to prosecute of Nigerians tht are linked with the $9 billion United Kingdom Court jugment

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FG to establish a new anti-corruption agency, P&ID, FG, malami, $9bn fine is a scam - Federal Government , UPDATED: P&ID operations shut down, assets forfeited by court order

The Federal Government of Nigeria (FGN) has vowed to prosecute the Nigerians who are linked with the contract that resulted in the judgment of the United Kingdom Court, which awarded a cumulative sum of $9 billion award in favour of a private firm, Process & Industrial Developments Limited.

The Minister of Justice and Attorney General of the Federation (AGF), Abubakar Malami reportedly disclosed this in Abuja on Thursday, while unveiling his agenda on his first day of resumption at the Federal Ministry of Justice.

[READ MORE: Nigeria lacks policy direction under Buhari – Ituah Ighodalo]

The Attorney General who questioned the sincerity of those behind the contract awarded in 2010, argued that it formed part of the inglorious legacies of past administrations, which this government is being made to grapple with.

According to Malami, contract of certain categories will be vetted by the Federal Ministry of Justice before it is signed by any Federal Government agency.

 “Henceforth, financial institutions, linked with financial crimes, will be prosecuted along with the culprits.”

The backstory: Last week, A British court granted an Irish Firm, Process and Industrial Developments Ltd (P&ID) the right to seize $9 billion in assets from the Nigerian Government over a failed gas project.

P&ID, an Irish Firm has been awarded $6.6 billion in an arbitration decision over a failed project to build a gas processing plant in the Southern Nigerian city of Calabar. With the accumulated interest payments, the sum now tops $9 billion, which amounts to 20% of Nigeria’s foreign reserves.

According to reports, the case dated back to 2010 under the administration of Nigeria’s former President, Dr. Goodluck Jonathan. The Nigerian government had struck a deal with the Irish firm to supply gas to a processing plant built and run by P&ID in Calabar.

Specifically, the deal was supposed to span 20 years. However, the Nigerian government failed to keep its side of the agreement, prompting the firm to seek legal action against Nigeria.

CBN’s Stance: While reports have indicated that the $9 billion may be cut out from Nigeria’s foreign reserves, the Central Bank of Nigeria (CBN) has also disclosed its readiness to defend the country’s reserves. The CBN Governor, Godwin Emefiele revealed this while speaking with State House correspondents at the retreat organised for ministers-designates in the Presidential Villa in Abuja on Monday.

According to Emefiele, there are on-going discussions with the CBN counsels, and the bank has been advised that there are sufficient and strong grounds for Nigeria to file a stay of execution and also an appeal to the judgment. 

[READ: Emefiele vows to defend the foreign reserves over $9 billion court ruling]

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Hospitality & Travel

MMA2 imports new x-ray machines from US

MMA2, Lagos took delivery of new x-ray machines ordered by Bi-Courtney Aviation Services Limited (BASL) to upgrade its facilities.

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The Murtala Muhammed Airport, Terminal 2, Lagos has taken delivery of new x-ray machines ordered by Bi-Courtney Aviation Services Limited (BASL) to upgrade its facilities on Friday.

This was disclosed by the Group Corporate Affairs Manager of BASL, operator of MMA2, Mikail Mumuni, in a statement on Friday.

He said, “The equipment imported from the US arrived the Murtala Muhammed International Airport, Lagos Wednesday night from where they were later moved to MMA2.

”Installation of the x-ray machines and air conditioners will commence on Friday evening and that this would be completed within one week.”

The BASL spokesperson quoted the acting Head of Business of the company, Mr. Ralph Uchegbu as saying that “the installation of the new X-ray machines and air conditionals will further reinforce the status of MMA2 as the nation’s pre-eminent airport terminal in terms of customers security and comfort.”

What you should know

  • BASL recently announced that it had invested over $500,000 massive upgrading of its X-ray machines and air conditioning systems for passengers safety, security and comfort.

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Corporate Press Releases

Peter Obaseki retires as Chief Operating Officer of FCMB Group Plc

Mr Peter Obaseki, the Chief Operating Officer of FCMB Group has retired from the financial institution.

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The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.

His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.

The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.

FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.

For more information about FCMB Group Plc, please visit www.fcmbgroup.com.

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