Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home General News Politics

TY Danjuma states his role in the P&ID contract controversy

Chidinma Nwagbara by Chidinma Nwagbara
September 5, 2019
in Politics
Theophilus Yakubu Danjuma, Home of Henry VIII, Kings Arms Hotel
Share on FacebookShare on TwitterShare on Linkedin

South Atlantic Petroleum boss, General Theophilus Yakubu Danjuma (Rtd) has been mentioned in the Process and Industrial Development (P&ID) contract controversy.

This was disclosed by the billionaire while speaking to journalists about the ongoing drama surrounding the $9.6 billion judgement against Nigeria in a lawsuit filed by P&ID.

Danjuma stated that the project was originally his idea and that one of his companies, Tita-Kuru Petrochemicals Ltd spent $40 million preparing it.

How it happened: Danjuma, who is a retired army general said that the founder of the company, Michael Quinn, was his consultant and that he allowed Quinn to use his funds and office space until he found out that Quinn also applied for the contract.

[READ ALSO: $9bn fine: P&ID open to settlement as court order to seize Nigeria’s assets is awaited]

The former Minister of Defence went on to say that he was supposed to get a share of P&ID contract in return for his initial investment but all that went down the drain when he found out about Quinn’s plan to betray him.

He added that prior to the ongoing lawsuit, he did not hear from the company because they refused to reply to the letters he sent.

The Backstory: As earlier reported by Nairametrics in recent articles, P&ID, an Irish Firm, was 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.

The firm had initiated moves to identify the Nigerian assets that could be seized and it might include the country’s oil cargoes.

Meanwhile, the Federal Government has moved to negotiate with the firm and find a way out as the government knows the consequences of such payment on the economy.

[READ ALSO: Dangote refinery will reduce Africa’s dependence on import – OPEC]

 

 

Related

Tags: General Theophilus Yakubu DanjumaProcess and Industrial Development P&IDTita-Kuru Petrochemicals Limited

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Access Bank
Bankers Committee
Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets
First bank





    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • UBA upgrades Chatbot features, as Leo launches service on Google Business Chat, Instagram
    • Terra co-founder, Do Kwon, summoned by South Korean parliament over Terra debacle
    • JAMB refutes error in its scoring system, reacts to plans to organize another UTME

    Follow us on social media:

    Recent News

    UBA upgrades Chatbot features, as Leo launches service on Google Business Chat, Instagram

    UBA upgrades Chatbot features, as Leo launches service on Google Business Chat, Instagram

    May 17, 2022
    Terra founder, Do Kwon, breaks silence and offers proposal to restore UST peg

    Terra co-founder, Do Kwon, summoned by South Korean parliament over Terra debacle

    May 17, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
    • Economy
      • Macro-Economic News
      • Get Data
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com