$9.6bn Judgement Debt: Buhari Orders EFCC, NIA to Probe P&ID Contract

President Muhammadu Buhari has directed the Economic and Financial Crimes Commission (EFCC), the National Intelligence Agency (NIA) and the Inspector General of Police (IGP) to conduct a thorough investigation into the recent $9.6 billion UK court’s judgement against Nigeria.

The Minister of Information and Culture, Lai Mohaamed, stated this in Abuja on Tuesday, while briefing journalists along with his colleagues: the Minister of Justice and Attorney-General of the federation, Abubakar Malami; the Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed; and the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele.

He said the directive was an attempt to unravel the circumstances surrounding the recent judgement of a UK Court authorising Process and Industrial Developments Ltd. (P&ID) to seize 9.6 billion dollars in Nigerian assets, over a contract entered into by the company and the Ministry of Petroleum Resources in 2010.

He also assured that the federal government was taking all necessary steps to appeal the decision of the UK Court, to seek for a stay of execution of the decision, to defend its rights and to protect the assets of the people of the Federal Republic of Nigeria.