$9bn asset: Buhari asks EFCC, NIA to probe contract

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President Muhammadu Buhari has directed the Economic and Financial Crimes Commission, the
National Intelligence Agency and the Inspector General of Police to conduct a thorough investigation into Process and Industrial Developments Ltd which was recently asked by a UK court to seize $9.6 bn dollars in Nigerian assets.

The Minister of Information and Culture, Lai Mohammed, disclosed this at a press conference in Abuja on Tuesday.

Mohammed said the decision was based on the fact that the Federal Government suspected foul play in the contract which was negotiated and signed in 2010.

He said, “We want to place on record that the Federal Government views with serious concerns the underhanded manner in which the contract was negotiated and signed.

“Indications are that the whole process was carried out by some vested interests in the past administration, which apparently colluded with their local and international conspirators to inflict grave economic injury on Nigeria and its people.

“In view of the above, and in an attempt to unravel the circumstances surrounding the entire transaction, the Honourable
Attorney General of the Federation, with the approval of Mr President, has requested the Economic and Financial Crimes Commission, the National Intelligence Agency  and the Inspector General of Police to conduct a thorough investigation into the company, the circumstances surrounding the agreement and the subsequent event, which includes commencing a full-scale criminal investigation.”

Mohammed, however, said despite the court judgement, Nigeria was not about to lose any of its assets.




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