Fed Govt – We’re ready to negotiate $9.6bn fine with P&ID

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The Federal Government has said it is ready to negotiate with the Process and Industrial Developments Ltd over a judgment by a United Kingdom court granting the firm seizure of $9.6bn in Nigerian assets.

The judgment was based on a contract between the Federal Government and the P&ID signed in 2010.

The Minister of Information and Culture, Lai Mohammed, who spoke on Good Morning Nigeria, a live breakfast programme of the Nigerian Television Authority, on Thursday, said government was willing to meet with the P&ID to come up with a “reasonable” agreement.

Mohammed said, “We are leaving no stone unturned to ensure that this judgment is set aside. I want to assure Nigerians that there is absolutely no imminent threat to seizure of our assets because even the UK courts said they cannot begin any attachments until the courts are back and there will be further hearing on the matter.

“We are even willing to sit down with the P&ID and negotiate. We are ready to take this matter to the highest level — legal, diplomatic and otherwise — because we think it is just unfair and unconscionable. You don’t inflict this kind of injury on a country and its people for your selfish reasons.

“The government is doing everything possible to get self-execution and to set aside this award. But at the end of the day, we need to sit down with the P&ID and arrive at something that we think is reasonable for all the parties.”

The minister said the contract and, ultimately, the penalty awarded against Nigeria would not have been possible without the help of some “unpatriotic” Nigerians.




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