November 30, 2023

PeacePro urges FG to bring $11b P&ID fraud conspirators to justice, demands recovery of litigation costs

PeacePro, the Foundation for Peace Professionals, has urged the Federal Government of Nigeria to prosecute all those involved in the $11 billion P&ID fraud conspiracy, emphasizing the recovery of litigation costs from economic saboteurs.

The peacebuilding think tank, known as PeacePro, has taken a stand against the conspiracy to defraud Nigeria by Process & Industrial Developments (P&ID) Limited.

PeacePro asserts that this attempt to defraud Nigeria is not an isolated incident but part of a broader issue involving numerous cases, some ongoing and others concluded.

The organization highlights that the individuals behind this scam form a powerful cartel that needs to be exposed and severely punished.

In an official statement released by the Executive Director of PeacePro, Ambassador Abdulrazaq Hamzat over the weekend, the organization stressed the critical role played by the Commercial Courts of England and Wales in saving Nigeria from a potential catastrophe of monumental proportions.

They emphasize the need to prevent the country from ever being at the mercy of foreign governments to address such significant crises.

Ambassador Hamzat explained that Nigeria narrowly avoided a hefty penalty of over $11 billion following a fraudulent failed 2010 deal to develop a gas processing plant in the country.

This significant victory came after a grueling legal battle. Justice Robin Knowles of the Commercial Courts of England and Wales halted the enforcement of the $11 billion Process & Industrial Developments (P&ID) Limited arbitration award against Nigeria, which has been deemed a fraudulent endeavor.

According to the judge, the award obtained by P&ID against Nigeria was tainted by fraud.

Ambassador Hamzat noted that while Nigeria successfully overturned the fine, which amounted to approximately 30% of the national budget, it came at the cost of spending over $40 million in litigation fees.

PeacePro insists that the federal government must treat all individuals involved as economic saboteurs.

Hamzat further pointed out that those involved in the conspiracy are scattered among senior civil and public servants, with support from some private players.

He called on President Tinubu and the National Assembly to address the situation as a national emergency, emphasizing the need to review all government-related business deals, both concluded and currently disputed, to identify patterns of fraud and the responsible actors.

The call by PeacePro is a significant push for accountability and justice in the face of one of Nigeria’s most significant fraud cases, demanding that those involved in the P&ID conspiracy face the legal consequences while ensuring that the financial losses incurred during the legal battle are recovered.

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