Business News
Nigeria seeks bank documents of former President, others over $9.6 billion P&ID case
The Federal Government is requesting documents from ten banks, in a bid to get information that will help overturn a $9.6 billion arbitration award relating to a oil contract which the country feels is fraudulent.
The Federal Government of Nigeria is requesting documents from ten banks, in a bid to get information that will help overturn a $9.6 billion arbitration award relating to a oil contract which the country feels is fraudulent.
According to a monitored report from Bloomberg, some of the banks involved in the request include Citigroup Inc, and JPMorgan Chase & Co.
Nigeria had requested permission from the Federal Court in New York to subpoena information about transactions involving former President Goodluck Jonathan and other government officials who were in office when the contract with Process & Industrial Developments Ltd. (P&ID) was signed.
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The country is seeking these bank documents as part of internal investigations into the contract and arbitration proceedings, which will form the basis of the UK appeal.
Nigeria’s chances of getting the huge arbitration penalty annulled is now dependent on the country’s ability to proove that the 2010 gas supply arrangement was a scam designed to fail.
(READ MORE: Dear Nigerians, beware of Bitcoin fraudsters)
It should be recalled that a UK arbitration court had slammed a $9.6 billion fine against Nigeria over its alleged breach of contract with P&ID Ltd. Nigeria, in a bid to overturn the judgment, filed an appeal through the office of the Attorney General of the Federation against the judgment.
P&ID had criticized the Federal Government’s desperate moves at the US law courts, and described the allegations of fraud as utterly spurious. The company even described Nigeria’s claims as a fishing expedition designed to waste resources.
READ ALSO: $9 billion case: Nigeria files new lawsuit against P&ID after new evidence emerges
The company also alleged that the Attorney General of the Federation, Abubakar Malami, and the Acting Chairman of EFCC, Ibrahim Magu, went on with the illegal arrest and detention of innocent individuals, all in a bid to force them to indict P&ID.
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Corporate Press Releases
P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa
The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.
Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.
Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.
The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.
Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.
Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:
“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”
Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:
“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”
According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.
Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.
Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.
