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.

Published

6 months ago

April 28, 2020

Chike Olisah

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.

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.

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.

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.

Related Topics:arbitration award Dr Goodluck Jonathan Nigeria Nigerian Business News OIl and Gas News P&ID

Chike Olisah

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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ENDSARS

House of Reps to make Youths globally competitive

House of Representatives is determined to make the Youths globally competitive.

Published

34 mins ago

October 28, 2020

Omokolade Ajayi

Closing of Nigerian-owned shops in Ghana must be dealt with decisively - Femi Gbajabiamila, Lagos State needs N1 trillion for reconstruction - Femi Gbajabiamila

Lawmakers in the House of Representatives have assured Nigerian youths that they are committed to make them globally competitive.

This was disclosed by the Speaker of Nigeria’s House of Representatives, Femi Gbajabiamila, on Wednesday.

In a tweet, which the speaker shared after a meeting with a group of young lawmakers under the aegis of ‘Young Parliamentarians Forum‘, he reiterated that some of the demands of the youths following the #EndSARS protests would be addressed constitutionally, as part of the decision was to reform the Police, in a quest to accommodate a better Police Force.

On youth empowerment, the Speaker said that a lot still needs to be done, while pointing out that no government had done more than what the present administration has done.

What they are saying

He said, “All of us, every segment of the government, especially the House of Representatives, before the protests took the initiative, debated motions and took far-reaching decisions on the floor. We gave ourselves 30 days, and since then, we’ve been working night and day, especially with the Nigerian Bar Association (NBA).

“We thought the best way to go about it is that we amend the Police Service Commission Act, and that has been done and the report has been concluded and soon, it will be published and be on the floor.

“We are determined to resolve the Academic Staff Union of Universities (ASUU) matter, and if we can resolve two out of three issues, I think we would have gone a long way to help the lecturers who are on strike.

“There’s a bill on vocational education, I think from the 8th Assembly that was even my bill. We’ll pick it up again and pass it to you (Young Parliamentarians Group) to polish it up and add it to whatever ideas you have.”

While speaking on the giant strides by the current administration in terms of youth empowerment, the Speaker said:

“I make bold to say that no government, in Nigerian history from inception, and I stand to be corrected, has put in as much in youth empowerment as this present government.”

“Facts don’t lie, a government that has devoted N500bn to youth empowerment every year. There’s Trader Moni, N-Power, and several others, they are all there,” he added.

Gbajabiamila added that the President Muhammadu Buhari’s administration has done a lot about youth empowerment and is ready to do more.

Coronavirus

COVID-19: Ogun orders full reopening of churches, mosques, hotels

Religious centres and other public places have been reopened following the success recorded in flattening the curve of COVID-19.

Published

2 hours ago

October 28, 2020

Abiola Odutola

Coronavirus: Ogun State bans cinemas, night clubs, restaurants, other businesses from operating, COVID 19: Ogun State launches digital classes for students

The Ogun State Government has ordered the full reopening of churches, mosques, businesses, hotels, and entertainment centres across the state.

This was disclosed by the State Governor, Dapo Abiodun, in a statement signed by his Chief Press Secretary, Kunle Somorin, via the state’s Twitter handle on Wednesday.

Abiodun stated that the religious centres and other public places had been reopened, following the success recorded in flattening the curve of COVID-19.

According to him, the government is aware that many people are just recovering from the economic hardship imposed by COVID-19, as their activities had been affected by the lockdown, while necessary measures had been put in place to combat the pandemic.

He stated, “In the process of rebuilding the economy, the State Government was irrevocably committed to the successful implementation of the “Building our Future Together” agenda, and would ensure everything possible for people to have increased prosperity that would place the State on a sound footing towards continued development.

“Government would improve on testing, just as it continues to monitor the development and not hesitate to do selective lockdown should there be any flagrant disobedience to the set COVID-19 protocols.”

COVID-19: Ogun orders full reopening of churches, mosque, hotels

Pleased with the drop of COVID-19 infections in Ogun State, @dabiodunMFR, has announced that all hotels, viewing centres, marquees, event centres, suites, guest houses, motels, and establishments providing…. pic.twitter.com/sMiUe3DUt5

— Ogun State Government – OGSG (@OGSG_Official) October 28, 2020

What you should know

Governor Abiodun had closed religious centres, businesses and schools in March, as part of moves to flatten the curve of the coronavirus.

He later announced the reopening of only worship centres and schools in August.

Abiodun pegged the number of worshippers for each service at 200, and insisted that services must not exceed one and a half hours.

Financial Services

CBN reveals framework for the N75 billion Youth Investment Fund

The Nigerian Youth Investment Fund will be funded through the NIRSAL MFB window of the CBN.

Published

2 hours ago

October 28, 2020

Omokolade Ajayi

CBN reveals framework for the N75 billion Youth Investment Fund, Economic Growth, CBN, Governor, Emefiele, CBN releases new capital base, sanctions for Microfinance Banks, Nigerian Banks broadly positive after naira devaluation, Naira hits N465 to $1, Central Bank begins disbursing $100million to hit at currency speculators

The Central Bank of Nigeria (CBN) has revealed the implementation framework for the Nigerian Youth Investment Fund.

This was disclosed in a publication by the Development Finance Department under the auspices of the Central Bank of Nigeria.

The CBN stated that the Nigerian Youth Investment Fund (N-YIF) would be funded through NIRSAL MFB window, with an initial take-off seed capital of N12.5 billion.

READ: #EndSARS: FG creates new N25 billion Youth Fund, to increase to N75 billion in 3 years

The N-YIF aims to financially empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023.

Objectives of the scheme:

Improve access to finance for youths and youth-owned enterprises for national development.
Generate much-needed employment opportunities to curb youth restiveness.
Boost the managerial capacity of the youths, and develop their potentials to become the future large corporate organizations.

Explore Data on the Nairametrics Research Website

What you should know

Recall that on the 22nd of July, 2020, the Federal Executive Council (FEC) approved the sum of N75 billion for the establishment of the Nigeria Youth Investment Fund for the period of 2020 – 2023.

The fund was created to support the innovative ideas, skills and talents of Nigerian youths, and to institutionally provide Nigerian youths with a special window for accessing much-needed funds, finances, business management skills and other inputs critical for sustainable enterprise development.

READ: FG launches application for N75 billion Youth Investment Fund at 5% interest, how to apply

The fund targets young people between the ages of 18 and 35 years.
Beneficiaries of NMFB, TCF and AgSMEIS loans, and other government loan schemes that remain unpaid are also not eligible to participate.
Individuals (unregistered businesses) shall be determined based on activity/nature of projects subject to the maximum of N250,000.
Registered businesses (Business name, Limited Liability, Cooperative, Commodity Association) shall be determined by activity/nature of projects subject to the maximum of N3.0 million (including working capital).
The tenor of the intervention is for a Maximum of 5 years, depending on the nature of the business and the assets acquired, of which interest rate of not more than 5% under the intervention shall be charged annually.
The Federal Ministry of Youth and Sports Development (FMYSD) will collaborate with relevant stakeholders to identify potential training for training/mentoring.
The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to login to the portal provided by the NMFB to apply for the facility.

READ: CBN raises alarm over fraudulent loan offers, investment schemes with charged fees

Optics

As a huge percentage of youths are engaged in the informal sector, the NYIF will facilitate the transition of informal enterprises owned by youths into the formal mainstream economy, where they can be supported comprehensively, build a bankable track record, and be accurately captured as active participants in economic development.