The Federal Government said on Friday that it had filed new processes in English courts in its bid to upturn the award of $9.6bn in favour of a British Virgin Island firm, Process and Industrial Development.
The Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, said this in a statement issued by his Special Assistant, Media and Public Relations, Dr Umar Gwandu.
The statement said the fresh suit “is a major step forward in a bid to overturn the injustice of the US$9.6bn award.”
It added, “The filing challenges both the underlying arbitral award and its enforcement, and lodges a fresh appeal against the subsequent High Court judgment.
“Based on new evidence that has come to light in recent investigations, it is clear that the original contract was a sham commercial deal and designed to fail from the outset.
“The fraud was only recently discovered as a result of President (Muhamadu) Buhari’s anti-corruption efforts spearheaded by the Economic and Financial Crimes Commission.”
Giving an insight into the case made out in the fresh filing, Gwandu stated that Nigeria argued that the Gas Supply and Processing Agreement, which its alleged breach by the country earned P&ID the $9.6bn award, “was procured on the basis of fraud and corruption, while the subsequent arbitral process was riddled with irregularities and deliberately concealed from the rest of the government.”
The minister’s spokesperson also explained that “the Federal Government has recently expanded its legal team, to include leading London law firm Mishcon de Reya.”