P & ID's $9bn and the Scar of the Cabal
The case between the federal government of Nigeria and Irish company, Process & Industrial Development Ltd, which draws from the 2010 contract between the duo is a question that should be critically looked into, bringing every party that played one or the other role to account.
A British court had awarded penalty to the company for the failure of the Nigerian government to honour its part of the agreement reached in 2010. The judge had ruled that the small company can take 20 percent of what's Nigeria's foreign reserve, amounting to the massive tune of 8.9billion US dollars. This figure was calculated based on what the company is estimated to have earned within the period of the contract.
Going by the terms of the contract, the Nigerian government was to supply natural gas to the professing facility to be built by P & ID Ltd, which was to later convert it to dry gas to be used to power electricity. This contract was to last for a 20years period.
This judgement against the government of Nigeria is something that should raise brows of concern to the generality of the good people of this country. This is because it affects the financial stability of the already shaking economy. And from the looks of things, irrespective of the upbeat posited by the government attorney, the appeal might be looking just ceremonial.
It is evident that the process that led eventually to the ruling of the court of arbitration had started since the inglorious days of the ailing president Umar Musa Yar'adua. Permit me to say that, though that period and whatever that happened during that, governmentally, could be described as under Yar'adua administration, he could be excused especially as regards this matter for reasons that are obvious.
Yar'adua had suffered a debilitating illness, that saw him going down gradually while saddled with the affairs of government. In a bid to save it's ailing president, a nation arranged to fly its chief executive officer abroad for better treatment. Its own health system has been something to decry, it couldn't take care of the least disease, and much more the terminal ailment that clitched no less a person than its president. During this period, beyond taking the responsibility of seeing that the needed fund meant to revive the nation's dying leader is made available for it, the cabal that were close to him dipped and dipped their hands beyond the needed fund down to the nation's wealth.
They took the opportunity of the presidential limbo to design and perfect the evil desire to steal and rip the nation's wealth. They signed contracts, supervised the distribution of the resources of the patrimony and even drew up, presented and signed national budget. The P &ID, as we've been made to see, through rather an acerbic revelation, happened to be one of those contracts by which the cabals enriched and sought to further enrich themselves.
The steam of the recent British court judgement has opened our eyes to see the depth of the collateral damage that contract and or its failure has brought upon our common patrimony. It does further to bring to our conscious awareness of the massive shenanigans that were going on in those cold days. But more critically, it has gone to giving us an inkling into those who swooped over our resources to pilfer and plunder.
It is therefore pertinent that those elements, who held sway within the period of this overbloated contract that has dug a huge hole in our economic stability, should be brought to answer for this costly act of ineptitude. These are known elements, whose desire for self aggrandisement has now cost the nation huge lost. There should not be playing the ostrich here, they must all be made to answer to this crime against our common wealth.
A British court had awarded penalty to the company for the failure of the Nigerian government to honour its part of the agreement reached in 2010. The judge had ruled that the small company can take 20 percent of what's Nigeria's foreign reserve, amounting to the massive tune of 8.9billion US dollars. This figure was calculated based on what the company is estimated to have earned within the period of the contract.
Going by the terms of the contract, the Nigerian government was to supply natural gas to the professing facility to be built by P & ID Ltd, which was to later convert it to dry gas to be used to power electricity. This contract was to last for a 20years period.
This judgement against the government of Nigeria is something that should raise brows of concern to the generality of the good people of this country. This is because it affects the financial stability of the already shaking economy. And from the looks of things, irrespective of the upbeat posited by the government attorney, the appeal might be looking just ceremonial.
It is evident that the process that led eventually to the ruling of the court of arbitration had started since the inglorious days of the ailing president Umar Musa Yar'adua. Permit me to say that, though that period and whatever that happened during that, governmentally, could be described as under Yar'adua administration, he could be excused especially as regards this matter for reasons that are obvious.
Yar'adua had suffered a debilitating illness, that saw him going down gradually while saddled with the affairs of government. In a bid to save it's ailing president, a nation arranged to fly its chief executive officer abroad for better treatment. Its own health system has been something to decry, it couldn't take care of the least disease, and much more the terminal ailment that clitched no less a person than its president. During this period, beyond taking the responsibility of seeing that the needed fund meant to revive the nation's dying leader is made available for it, the cabal that were close to him dipped and dipped their hands beyond the needed fund down to the nation's wealth.
They took the opportunity of the presidential limbo to design and perfect the evil desire to steal and rip the nation's wealth. They signed contracts, supervised the distribution of the resources of the patrimony and even drew up, presented and signed national budget. The P &ID, as we've been made to see, through rather an acerbic revelation, happened to be one of those contracts by which the cabals enriched and sought to further enrich themselves.
The steam of the recent British court judgement has opened our eyes to see the depth of the collateral damage that contract and or its failure has brought upon our common patrimony. It does further to bring to our conscious awareness of the massive shenanigans that were going on in those cold days. But more critically, it has gone to giving us an inkling into those who swooped over our resources to pilfer and plunder.
It is therefore pertinent that those elements, who held sway within the period of this overbloated contract that has dug a huge hole in our economic stability, should be brought to answer for this costly act of ineptitude. These are known elements, whose desire for self aggrandisement has now cost the nation huge lost. There should not be playing the ostrich here, they must all be made to answer to this crime against our common wealth.
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