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Economy & Politics

P&ID dispute: $200 million guarantee to FG judgment shows FG’s commitment to tackle corruption-  Malami

Nigeria’s Attorney-General has said that the recent P&ID ruling shows that the country is on the right track in its anti-corruption fight.

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Nigeria secures landmark judgement, gets major relief in P&ID $10 billion dispute, Malabu Scandal: Netherland, Switzerland to send $200 million to Nigeria, FG asks UK court for more time to appeal $9.6 billion arbitration judgement

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, has said that the UK court ruling ordering P&ID to release $200 million to the Nigerian government demonstrates the FG’s commitment to tackling fraud and corruption.

This was said in a statement released by Malami on Tuesday evening after the judgment was issued by the London Court.

READ: Netflix moves against Showmaxx, introduces cheaper mobile only subscription in Nigeria, Africa

Nairametrics reported that a London Commercial Court had ordered the release of a $200 million guarantee as security to be paid to the Nigerian government in the P&ID $10 billion Arbitral Claim, as reported by the CBN in a statement.

“Nigeria’s Foreign Exchange Reserves was this morning boosted by over $200Million when the London Commercial Court ordered the release of the $200Million guarantee put in place as security in respect of the execution of the much discredited P&ID $10 Billion Arbitral Claim,” CBN said.

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Malami stated that “We are glad having this victory in addition to multiple successes recorded so far.”

READ: $9 billion case: Nigeria files new lawsuit against P&ID after new evidence emerges

He added that the recent judgment on Nigeria’s cases against P&ID demonstrated an outcome of strong commitment and determination of the present Federal Government to tackle fraud, corruption, non-compliance with the due process.

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Malami praised the efforts of the FG, especially due to the fact that an order for the extension of time to challenge award and agreement was essential to the court judgment that enabled Nigeria to challenge the order for cash deposit of $200m to bank guarantee.

READ: Nigeria and US Authorities battle former Enron Nigerian Subsidiary over $80 million Yacht

He also cited successes like payment of the legal cost of €1.5m in favour of the country, the Court Order to the release of bank guarantee in favour of the Federal Government of Nigeria, award of payment of €70,000 to Nigeria as further legal cost relating to the issue.

On January 31, 2017, an arbitration tribunal had ruled that Nigeria should pay P&ID, the sum of $6.6 billion as damages and breach of contract after a 2010 deal for a gas project in the Niger Delta part of Nigeria collapsed. The pre and post-judgment accrued interest of 7% has seen the amount standing against Nigeria, rise to almost $10 billion, an amount that would have caused a serious dent on the country’s external reserve.

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Economy & Politics

Buhari in crucial meeting with Obasanjo, other former heads of state

President Buhari is presiding over a National Security Council meeting with some former heads of state and some security chiefs.

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Buhari in crucial meeting with Obasanjo, other former heads of state

President Muhammadu Buhari is currently presiding over a National Security Council meeting with some former heads of state and some security chiefs.

READ: Obasanjo opens garment factory, competes with Nike Art Gallery, Sam & Sara 

Although the agenda of the meeting is not made public, issues bothering on the current security situation in the country are believed to top the agenda. This follows the outbreak of violence across the country during the protest against police brutality and extra-judicial killings, which has led to the loss of lives and destruction of public assets and private properties.

READ: Update: Buhari seeks power to freeze accounts, clamp down on money launderers

According to media reports, the meeting which is coordinated from the Council Chamber of the Presidential Villa, Abuja, has in virtual attendance General Yakubu Gowon (rtd.), former President Olusegun Obasanjo, Gen Abdulsalami Abubakar (rtd.), former President Goodluck Jonathan and former head of interim national government, Chief Ernest Shonekan.

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READ: #EndSARS: Feminist Coalition raise Cryptos worth $126,000

Others who are physically present at the council chambers are Vice President Yemi Osinbajo;  National Security Adviser, Major General Babagana Monguno (rtd.); Chief of Defence Staff, General Gabriel Olanisakin; Inspector-General of Police, Mohammed Adamu; Director-General, Department of State Services, Yusuf Bichi; and Director-General, National Intelligence Agency, Ahmed Rufai, among others are attending with the President.

READ: #EndSARS: Buhari holds National Security Council meeting with Osinbajo, IGP, others

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This meeting is coming a day after President Buhari’s national broadcast on the security situation in the country calling for an end to the #EndSARS protests as their voices have been loudly heard.

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Economy & Politics

Senatorial, State House of Assembly bye-elections postponed – INEC

Senatorial and State House of Assembly bye-elections slated to hold on October 31 in 11 states have been postponed by INEC.

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Nigeria's election delay

The 6 Senatorial and 9 State House of Assembly bye-elections slated to hold on October 31 in 11 states of the Federation has been postponed by the Independent National Electoral Commission (INEC). The vacancies were as a result of death and resignation of previous members.

According to the statement issued by its National Commissioner & Chairman, Information and Voter Education, Festus Okoye Esq., INEC said the decision was taken after meeting with the 37 Resident Electoral Commissioners (RECs) on Thursday.

Though the commission did not categorically state the reason for the postponement, feelers are that it may not be unconnected with the raging #EndSARS protests across the nation.

 

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Economy & Politics

Some Nigerians mistook promptness of FG response as sign of weakness – Buhari

President Buhari has said that FG’s promptness to consent to the demands of the protesters was taken as a sign of weakness.

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Buhari says large proportions of new COVID-19 infections now occur in communities

President Muhammadu Buhari has pointed out that the promptness with which the Federal Government acted in meeting the demands of the #EndSARS protesters seemed to have been misconstrued as a sign of weakness and twisted by some for their selfish unpatriotic interests.

This was disclosed by the president in his national broadcast on Thursday, October 22, 2020, on the current widespread violence which has engulfed the country following the protest against police brutality and extrajudicial killings.

The president said that the government listened to the protesters and after evaluating their five-point demands, they were accepted and some of them implemented, which includes the disbandment of SARS.

In his address to Nigerians, President Buhari said, “As a democratic government, we listened to, and carefully evaluated the five-point demands of the protesters. And, having accepted them, we immediately scrapped SARS and put measures in place to address the other demands of our youth.

“On approving the termination of SARS, I already made it clear that it was in line with our commitment to the implementation of extensive Police reforms.

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“Sadly, the promptness with which we have acted seemed to have been misconstrued as a sign of weakness and twisted by some for their selfish unpatriotic interests.

The president said the actions of these elements has caused serious violence which has led to the loss of human lives, attack on correctional facilities, destruction and vandalization of public and private properties, attack on the palace of Oba of Lagos, invasion of International Airport and so on.

While acknowledging that the choice to demonstrate peacefully is a fundamental right of every citizen as enshrined in the constitution, the president pointed out that this right to protest also imposes on the demonstrators the responsibility to respect the rights of other citizens and the necessity to operate within the law.

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